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 case examined whether penalty quantum should reflect the appellant’s role in the transaction. The Tribunal reduced the penalty after noting the dominant involvement of a third party and lack of comprehensive investigation.
ITAT Pune held that disallowance of interest paid on housing loan is upheld since assessee has failed to provide documentary evidence like loan sanction letter or bank certificate. Accordingly, ground raised by assessee is dismissed.
The issue concerned a large Schedule BP deduction disallowed under section 37. The Tribunal held that prima facie the amounts were both added and allowed in the return, warranting fresh verification by the Assessing Officer.
ITAT Hyderabad held that the final assessment order passed by the A.O. u/s. 143(3) r.w.s. 144C(13) r.w.s. 144B dated 06.06.2024 beyond the limitation prescribed under Section 153(4) of the Income-tax Act, 1961 is liable to be quashed. Accordingly, the appeal is allowed.
The Tribunal ruled that absence of formal registers or third-party bills does not automatically make expenses bogus. Additions based purely on estimates, without proof of inflation, are arbitrary and unsustainable.
Mumbai ITAT ruled that expenses covered by a binding APA cannot be revisited under section 37 on a “need or benefit” test. Reopening settled transfer pricing issues would defeat the statutory purpose of APA.
Delhi ITAT ruled that purchases from paper companies cannot be treated as normal business expenses under Section 37(1). Fraudulent transactions with no goods delivered attract unexplained expenditure taxation under Section 69C and 115BBE.
ITAT Pune held that provision of interest on loan from state government is ascertained liability and hence couldn’t be disallowed under section 37 of the Income Tax Act. Accordingly, the appeal is allowed.
The tribunal ruled that rejecting books and estimating profits bars further item-wise disallowances. Authorities cannot “blow hot and cold” by disallowing expenses from the same rejected records.
The Tribunal clarified that granting limited broadcast rights without rights to modify or exploit content does not constitute royalty income. The ruling underscores the distinction between copyright transfer and mere broadcast reproduction rights.
