The case involved disallowances of business and labour expenses despite accepted books of account. The Supreme Court declined to interfere with the findings deleting the additions.
The Delhi High Court upheld the ITAT’s deletion of expense disallowances, noting that the books of account had not been rejected. The ruling highlights that ad hoc disallowances require stronger justification.
Employer-provided interest-free or concessional loans are taxable as salary perquisites due to the financial benefit enjoyed by employees. Exemptions apply for loans up to ₹20,000 and specified medical treatment loans.
ESOPs are taxed as salary perquisites on allotment based on FMV at exercise. Eligible start-up employees can defer TDS and tax payment until specified future events.
ITAT Delhi held that the assessees could not substantiate the genuineness of the share transactions underlying the LTCG claims. The additions under Section 68 were sustained after the Tribunal found that the evidence supported the Revenue’s conclusion of accommodation entries.
ITAT Bangalore allowed withdrawal of the appeal after the assessee opted to settle the dispute under the Vivad Se Vishwas Act, 2020. The issue regarding LTCG being treated as business income was not decided on merits.
The Central Government has amended Notification No. 62/2022-Customs to prescribe a 0% Basic Customs Duty on all goods falling under tariff item 26020010. The move aims to lower import costs and provide relief to industries relying on these imports.
The Supreme Court issued notice in a challenge to West Bengals entry tax regime concerning goods meant for export. Interim protection was granted while the Court considers the constitutional issues involved.
Taxpayers can file updated returns within 48 months of the assessment year by paying additional tax. The provision promotes voluntary compliance but excludes refunds, loss returns, and specified cases.
The Court set aside the 2013 judgment striking down the Entry Tax Act after holding that the precedents relied upon had been overruled by the Supreme Court in Jindal Stainless. The retrospective amendments introduced in 2017 were upheld.
