ITAT emphasized that under the accrual system, provisions for outstanding expenses can indeed be recognized based on estimates and do not require exact certainty at the time of accrual. The fact that the statutory auditors had approved the financial statements without qualification further supported Culver Max’s position that these provisions represented ascertained liabilities within the framework of accrual-based accounting.
Read detailed analysis of ITAT Mumbai’s order regarding interest income from money lending assessed as business income in Kamlakant Chhotalal Exporters Pvt Ltd vs ACIT case.
The ITAT Mumbai dismisses the appeal of Binod Kumar Singh as no legal heir was substituted within a reasonable time after his death. Full order details here.
Learn about the penalty of Rs. 31.83 Lakh imposed by the MCA for issuing shares in physical mode instead of DEMAT mode in the Biogenomics case.
Explore Gartner Ireland Ltd.’s appeal: Are online subscription sales business or royalty income? ITAT directs fresh assessment in Mumbai case
Discover the landmark case of ACIT vs. Lyka Labs Ltd. ruling non-compete fees as ‘revenue receipt’. Detailed analysis and implications discussed.
Detailed analysis of Alubound Dacs India Private Limited vs. DCIT case before ITAT Mumbai regarding the allowance of Section 80G deduction on CSR expenditure.
ITAT Mumbai invalidates income tax assessment for a merged entity, emphasizing the legal principle against actions on non-existent entities.
Detailed analysis of the ITAT Mumbai ruling in Hemant Samarataji Lohar Vs CIT (Appeals-54), overturning addition of undisclosed income under section 69A.
ITAT Mumbai rules no disallowance under Section 14A for investments not yielding tax-free income. Detailed analysis of DCIT vs Paranjapee Schemes case.
