Condition precedent for claiming deduction under section 42
Last updated: 30 March 2009
Court :
ITAT, āCā BENCH, AHMEDABAD
Brief :
Only such deduction are allowed under section 42(1) as are specified in the agreement (PSC) and that too when they fall in any of the sub-clause (a), (b) or (c) of section 42(1); the PSC is an agreement between the Government of India and the assessee; it being a legal document, no word or phrase can be added; it has to be read as it is.
Citation :
ACIT
v.
Niko Resources Ltd.
ITA NOS. 661 & 789/AHD/2005
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CA Devanshi Gandhi (Ajani)
Published in Income Tax
Views : 1621
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