ITAT referred to principle that expenses are allowable in year of crystallization of their liability, even if they relate to an earlier period. It held that expenses crystallized in current assessment year are deductible, regardless of when they were incurred.
Gujarat High Court held that Notified Area Authority, Vapi, did not meet criteria to be classified as a local authority or governmental authority so not allowed for
Bombay High Court grants petition, orders JCIT to provide copy of exemption certificate under Section 12A of Income Tax Act to Sai Baba Sewa Mandal.
Tax dispute arose from GSTR discrepancies. Proposal confirmed sans petitioner’s input. Entire liability withdrawn from bank. Opportunity given for appeal.
Read the full text of ITAT Mumbai’s order in the case of LANXESS India Pvt Ltd vs DCIT, upholding TNMM method over CUP for benchmarking export transactions under manufacturing segment.
In the case of Gopalkrishna Pandu Shetty Vs ACIT (ITAT Mumbai), deduction under Section 54 of the Income Tax Act is allowed for a property purchased in the wife’s name. Detailed analysis and conclusion provided.
Read the Madras High Court’s order directing release of imported second-hand digital multifunction printing and copying machines upon payment of enhanced customs duty.
Discover the ITAT Mumbai’s order directing re-adjudication regarding the liability of property tax paid by Rare Townships Pvt Ltd on behalf of the Collector.
In a verdict, Madras HC sets aside a GST RCM liability order due to inadvertent errors in GSTR 3B filing, remands for reconsideration. Full text of judgment included.
Explore the Supreme Court’s decision upholding the taxation of interest-free/concessional loans to bank employees as perquisites under Rule 3(7)(i) of the Income Tax Rules.
