Corporate Law : Supreme Court clarifies power to modify arbitral awards under Section 34 in Gayatri Balaswamy case, raising questions on finality,...
Income Tax : Learn about disallowed expenses under PGBP in India's Income Tax Act. Understand key sections like 37, 40, and 40A, and their impa...
Income Tax : Delhi HC rules reimbursements to NRAEs not subject to TDS as "fees for technical services," clarifying scope of Section 9(1)(vii) ...
Income Tax : Understand the impact of Section 43B(h) on businesses: Learn about deductions for MSME payments and the importance of timely payme...
Corporate Law : Discover the process and types of trademark assignment. Learn about procedures, required documents, and benefits for a smooth tran...
Corporate Law : Explore the proposed amendments to Regulations 35, 37, and 50 of the Competition Commission of India (General) Regulations 2009. L...
Income Tax : Allowability of Interest paid under Incometax Act, 1961: Presently, interest paid by the Government to an assessee is chargeable t...
Income Tax : Interest income earned by a foreign bank from foreign currency loans extended to Indian corporates was taxable on a gross basis. S...
Income Tax : The Gujarat High Court held that a scientifically determined warranty provision qualified for consideration under settled legal pr...
Income Tax : ITAT held that increased employee remuneration cannot be disallowed merely because business revenue declined where the expenditure...
Income Tax : ITAT held Section 43CA did not apply as the flats were booked before the provision became effective, deleting the addition based o...
Income Tax : The ITAT Ahmedabad held that royalty payments should continue to be benchmarked under TNMM by following earlier decisions in the a...
Interest income earned by a foreign bank from foreign currency loans extended to Indian corporates was taxable on a gross basis. Such income could not be reduced by attributing expenditure before the concessional rate of tax was applied.
The Gujarat High Court held that a scientifically determined warranty provision qualified for consideration under settled legal principles and could not justify reopening. It quashed the reassessment after finding the Assessing Officer ignored the Supreme Court’s ruling and ICDS provisions.
ITAT held that increased employee remuneration cannot be disallowed merely because business revenue declined where the expenditure is justified and supported.
ITAT held Section 43CA did not apply as the flats were booked before the provision became effective, deleting the addition based on stamp duty value.
The ITAT Ahmedabad held that royalty payments should continue to be benchmarked under TNMM by following earlier decisions in the assessees own case. It found no reason to replace TNMM with CUP where identical facts had already been decided. The Department’s transfer pricing challenge was therefore dismissed.
Madras HC upheld deduction for site restoration expenses, holding the contractual obligation under the PSC is allowable under Section 37(1).
The Tribunal held that AMP expenditure incurred in India without any agreement or arrangement with the foreign AE cannot be treated as an international transaction. It also directed the AO to allow set-off of brought-forward business losses and unabsorbed depreciation in accordance with law.
The ITAT held that registration under Section 12AB could not be rejected without identifying a specific “specified violation” under the statutory framework. It remanded the matter for fresh examination after finding the order lacked clear and reasoned findings.
The ITAT held that payments made to directors represented arranger fees and not prohibited sub-brokerage under SEBI Regulations. It deleted the entire disallowance under Section 37(1), finding no violation of law.
The ITAT found that the Assessing Officer failed to establish any specific infirmity in the assessee’s business expenditure before making a 10% ad hoc disallowance. The Tribunal therefore upheld the CIT(A)’s order deleting the addition.
