DEPUTY COMMISSIONER OF INCOME TAX vs RAM CHITS PVT. LTD.
Whether bad debts written off in chit fund business are allowable under the Income Tax Act 1961 --- Held: Remanded to Assessing Officer for re-examination following earlier Tribunal decisions. Whether Foreman's dividend is exempt under the principle of mutuality --- Held: No, following earlier Tribunal decisions. Whether commission on cancelled chits is taxable --- Held: No, following earlier Tribunal decisions. Whether royalty payment is allowable as deduction --- Held: Yes, following earlier Tribunal decisions.
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