Friday, March 19, 2010

Income tax

IT - Loss claimed by assessee on a/c of fluctuation in foreign exchange rate as on balance sheet date is allowable as expenditure u/s 37(1) [SC] : Taxmann.com

Wealth tax

WT - When urban land is utilized for construction of a building with prescribed authority’s approval then that land ceases to be urban land [Ker.]source: www.taxmann.com