The Reader

Violation of law is not a normal incident of trade and an expense incurred by way of penalty for infraction of laws is not deductible u/s 37.

Non-Resident institutes are obliged to deduct tax at source from payments made to honorary part-time teachers u/s 192.
- TIOL 6 (ARA)

U/s 194G, any payment made to any person purchasing or selling lottery tickets by a stockist distributor of lottery tickets shall be subject to TDS.

Interest payable on unpaid purchase price qualifies for deduction in computation of income from House Property.

In case of manufacture of sugar from the sugarcane produced by the Assessee from his own land, the income should be computed by applying Rule 7.

The income of the amalgamating company from such date of transfer shall be assessed as the income of the amalgamated company.
- 223 ITR 809.

Local authorities are not eligible to claim any deduction u/s 80GGC in respect of contributions to political parties.

The sum received under a keyman insurance policy including the sum allotted by way of bonus on such policy is income u/s 2(24)(xi).

In case of search u/s 132, the assessee was found to be owner of any money, bullion or jewel or other valuable article etc.,

Any underwriting commission received for underwriting the shares, it goes to reduce the cost of shares and not credited to P&L A/c.
- 225ITR 703(SC)