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In the High Courts: Part A

• Business deduction — Loss — Loss on forward contracts for foreign exchange — Transactions to hedge against risk of foreign exchange fluctuations falli...
• Income — Accrual of income — Time of accrual — Retention money — Payment contingent on satisfactory completion of contract — Accrued only after obliga...
• Income — Capital or revenue receipt — Race club — Membership fees received from members — Capital receipt...
• Infrastructure facility — Special deduction under section 80-IA(4)(iii) of ITA 1961 — Construction of technology park — Finding recorded by the Tribun...

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President's Message

As I write this message, a big suspense on what would budget have in store for us has been unravelled. Shimmering with its pro-people and pro-market initiatives, it is poised to propel India's growth to greater heights. It has the distinct stamp and finesse of the Finance Minister, Nirmala Sitharaman who has pulled off a remarkable feat in putting together a budget that has something for everyone.

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