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Showing contexts for: turnover decrease in Motilal Chhadami Lal Jain (Huf) vs Wealth-Tax Officer on 21 April, 1988Matching Fragments
If the joint family is taken to be entitled to Rs. 10,000 per year then a charge of Rs. 10,000 per year is deductible under the head of Property, from the property Income of the joint family.
Firm Jain Glass Works took the Building of Jain Glass Works with furnaces etc. on a rent of Rs. 62,000 per year. The agreement is already on the records and accepted as such.
The rent even now is Rs. 11,000 plus Rs. 10,000 plus 1 per cent of sales.
The income from rent has not decreased but there are chances of its increase in case the turnover of the Jain Glass Works (P.) Ltd., goes up. The decrease is only temporary.