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Income Tax : Explore statutory interpretation of Section 37 under Income Tax Act, the meaning of expenditure, and the difference between busine...
Income Tax : Explore the landmark ITAT Chennai 2016 ruling on CWIP expense write-off in Faurecia Emissions vs. DCIT, highlighting evolving lega...
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 : Explore the case of Pipelic Energy Software India Pvt Ltd Vs DCIT at Telangana High Court. Detailed analysis on why subsidiary exp...
Income Tax : Chennai ITAT ruled that incorrect classification in ITR cannot deny genuine deductions. Learn about the National Contracting Compa...
Corporate Law : Detailed analysis of Pirtpal Singh vs Directorate of Enforcement case by Punjab and Haryana HC, regarding PMLA prosecution based o...
Income Tax : Read detailed analysis of ITAT Mumbai's order regarding interest income from money lending assessed as business income in Kamlakan...
Income Tax : Delhi High Court's ruling in PCIT Vs. Care Health Insurance Limited regarding IBNR provisioning and unsettled claims. Detailed ana...
ITAT Bangalore held that PCIT duly invoked provisions of section 263 of the Income Tax Act as assessment order was passed by AO without carrying out necessary enquiry/verification.
In present facts of the case, the Hon’ble Supreme Court while restoring the award of Arbitral Tribunal observed that it is well-settled that courts ought not to interfere with the arbitral award in a casual and cavalier manner.
ITAT Delhi held that amount which was mistakenly received and returned with interest by virtue of order of the Court is allowable as deduction under section 37 of the Income Tax Act.
ITAT Surat restored the matter back to the file of Pr. CIT as revisionary order under section 263 of the Income Tax Act cannot be passed without issuance of show cause notice on the subject matter. Such revisionary order is against the principal of natural justice.
Supreme Court held that the court is powerless to modify award and can only set aside partially, or wholly, an award. Accordingly, High Court has no reason to interfere with the arbitrator’s finding on interest accrued and payable.
ITAT Delhi held that provisions of section 194H of the Income Tax Act are not applicable on sells of pre-paid SIM at discounted price to the distributors. Further, as no TDS deductible, disallowance u/s 40(a)(ia) cannot be sustained.
ITAT Bangalore held that weighted deduction u/s 35(2AB) is not allowable for expenditure incurred on scientific research as the same are not certified by DSIR. However, such expenditure are allowable as deduction u/s 37 of the Income Tax Act.
Himachal Pradesh High Court held that under Section 29A(3) of the Arbitration and Conciliation Act (A&C Act), there is no requirement that consent of the parties has to be expressed and that too, in writing for extending the arbitral period.
ITAT Mumbai held that deduction u/s 36(1)(viia) of the Income Tax Act towards Provision for bad and doubtful debts allowable irrespective of rural advance and non-rural advances.
ITAT Kolkata held that addition under section 68 towards unexplained cash credit unsustainable as assessee has discharged its onus to prove the identity and creditworthiness of the share subscribing company.
