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 ruled that AMP expenses incurred by a brand-owning trader cannot be allocated to contract manufacturers without proof of obligation or agreement. Tax incentives enjoyed by related entities alone were held insufficient.
The ITAT ruled that once profits are estimated under Section 145, further disallowances of salary or commission expenses cannot be made from the same books, emphasizing assessment consistency.
The issue was whether foreign exchange fluctuation loss recorded at year-end was notional and disallowable. The Tribunal upheld its allowability, holding that losses accounted under consistent mercantile practice and accounting standards are deductible.
The Court ruled that expenses on replantation and upkeep are revenue in nature and eligible for deduction. It followed the Full Bench decision which overruled the earlier restrictive interpretation.
The ITAT held that revision is invalid when invoked merely to re-examine an issue already scrutinised by the Assessing Officer.
The Tribunal held that GST paid during the relevant year is allowable under Section 43B even if it relates to an earlier period. Since the amount was actually paid and not claimed earlier, disallowance was unjustified.
The tribunal held that commission paid to overseas agents was a normal business expense and not taxable in India. Since no TDS was required, disallowance under section 37(1) was unsustainable.
The ruling set aside a large AMP adjustment after finding that commission paid to distributors could not be recharacterized as marketing expenditure. Consistency with prior years played a decisive role in deleting the adjustment.
The Tribunal ruled that section 271AAB applies only to undisclosed income found in search, not to routine disallowances from recorded books.
The tribunal confirmed liability for Hawala transactions under FEMA but reduced the penalty from Rs. 23 Cr to Rs. 7 Cr, emphasizing proportionality in enforcement.
