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 : The Mumbai ITAT held that reversal of securitisation provisions already disallowed in earlier years cannot be taxed again upon wri...
Income Tax : The Chennai ITAT held that deductions approved by DSIR under Section 35(2AB) cannot be disallowed merely on the basis of survey st...
Income Tax : The Supreme Court held that grants disbursed by a statutory corporation formed part of its core business functions and qualified a...
Income Tax : The Tribunal ruled that mere observations about cash transactions are insufficient to levy penalty under Section 271D. A specific ...
Income Tax : The ITAT Delhi ruled that reimbursement of software costs to foreign AEs on a cost-to-cost basis could not be treated as a profit-...
Karnataka HC confirms that compensation for land acquired under National Highways Act after 01.01.2014 is fully exempt under Section 96 of RFCTLARR Act, preventing any TDS or income tax deduction.
ITAT Chennai held that since there was sufficient own funds to make investment/advances to its subsidiary, the interest disallowance under section 36(1)(iii) was not warranted. Accordingly, AO directed to delete the addition.
The Tribunal held that reimbursement of foreign exchange loss on external commercial borrowing cannot be taxed under section 28(iv) as it is capital in nature, avoiding double taxation.
Tribunal holds that selling goods below cost does not create marketing intangibles and cannot be capitalised as brand-building expenditure. ESOP reimbursements are reaffirmed as allowable business expenses without TDS.
Rs. 99.86 Cr out of Rs. 110 Cr added as current liabilities was deleted by CIT(A) and upheld by ITAT. Verification of ledgers, statutory dues, and party confirmations showed actual liability reduction during the year. This highlights the role of detailed evidence in defending balance sheet claims.
Tribunal held that additions for excess gold stock under Section 69A could not stand when purchases, job-work gold, and export stock were fully supported by invoices, confirmations, and bank records. The ruling emphasizes that reconciled and verified records override survey-time assumptions.
Tripura High Court held that an order accepting bond under section 88 of the Code of Criminal Procedure [CrPC]from the accused doesn’t amount to a grant of bail. Accordingly, the present bail application is disposed of.
The Court held that interest paid for delayed Agricultural Income Tax cannot be deducted under Section 37. Since AIT itself is not deductible, the related interest also fails eligibility. The ruling confirms that such payments do not qualify as business expenditure.
The Tribunal held that once sales are accepted and basic supporting documents exist, only the profit element in alleged bogus purchases can be taxed. It upheld a 6% GP addition and rejected the Revenue’s demand for 100% disallowance.
The Tribunal dismissed the appeal against disallowance of cash payments in a film production and real estate business. Since the assessee voluntarily offered 20% initially and later 80% of cash expenses as income, the additions were valid. The ruling emphasizes that self-conceded income cannot be contested in later appeals.
