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...
The Tribunal held that reopening based on unverified Investigation Wing inputs, factual inconsistencies, and no direct nexus to the assessee’s transactions is invalid. Mechanical reproduction of information cannot sustain reassessment.
The Tribunal upheld depreciation on goodwill arising from amalgamation, relying on Supreme Court precedent. The ruling confirms that excess consideration recognized as goodwill qualifies for depreciation under section 32.
The Tribunal ruled that estimating higher profit without rejecting audited books or finding major defects is impermissible. The declared 7% margin was accepted as reasonable, emphasizing limits on ad-hoc profit estimation.
The Tribunal upheld restriction of disallowance where interest-free funds were higher than tax-free investments. It reaffirmed that no interest disallowance arises in such circumstances.
The issue was whether revision could stand on incorrect factual assumptions. ITAT held that misreading records makes the revision invalid, reaffirming that Section 263 needs real errors.
The issue was whether the High Court could interfere with an arbitral award upheld under Section 34. The Supreme Court held that Section 37 jurisdiction is limited and cannot re-examine merits or reinterpret the contract.
The issue was whether revision under section 263 was valid for multiple expense claims. The Tribunal held that since the Assessing Officer had examined issues and adopted a plausible view, revision was unsustainable.
The Tribunal rejected estimated additions based on alleged circular trading due to lack of seized material or cash trail. The key takeaway is that suspicion and presumptions cannot replace evidence in search assessments.
The Supreme Court held that failure to issue a Section 21 notice does not invalidate arbitration where parties intended to arbitrate all disputes. The ruling clarifies that Section 21 is procedural, not jurisdictional.
The issue was whether statements and digital records from Customs probes could support FEMA action. The Tribunal ruled they are admissible and sufficient to establish illegal foreign exchange payments.
