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-...
The ITAT Delhi fully dismissed the Revenue’s appeal, confirming the deletion of both the Rs.8.09 Cr peak credit addition and the Rs.49.54 Lakh interest disallowance after the assessee proved the sufficiency of own capital and commercial expediency. Consequently, the assessee’s cross-objection against the validity of the reassessment was dismissed as infructuous, reinforcing that no addition can be sustained without adequate proof of unexplained income.
Provision for customer loyalty points, computed on a scientific and consistent basis, constituted a present and ascertained liability deductible under Section 37(1). Disallowance u/s 14A was deleted since no exempt income was earned during the year.
Gauhati High Court held that initiation of proceedings under section 73 of the CGST Act, 2017 without issuing Form GST ASMT-10 as prescribed under section 61 of the CGST Act, 2017 is invalid. Accordingly, held that action is contrary to the provisions of law.
The ITAT Delhi remanded the disallowance of employee PF/ESI contributions under 36(1)(va), holding that the due date for deposit is calculated from the actual date of salary disbursement, not the calendar month of accrual. The AO was directed to verify if the deposit was made within 15 days of the month of actual payment to allow the deduction.c
The ITAT confirmed the revision, ruling the AO’s failure to restrict the deduction to the DSIR-approved amount in Form 3CL was an error contrary to the amended law, causing prejudice to the revenue. Post-2016 amendments make this verification mandatory.
ITAT Mumbai held that revisionary proceeding under section 263 of the Income Tax Act not justifiable when AO has taken most plausible view. Accordingly, appeal is allowed to that extent.
Delhi High Court held that bail application in case of money laundering and fake investment scheme allowed on account of delayed trial and there being no possibility of the trial concluding in the near future.
ITAT Delhi deletes AO’s ad hoc 50% expense disallowance and excess vessel cost addition for JITF Waterways. Upholds CIT(A)’s reliance on S43(1) Expl. (6) for asset cost.
ITAT Delhi held that since nature of expense i.e. purchase and source of expense not doubted and only genuineness of expense is doubted, the disallowance has to be made under section 37 of the Income Tax Act and not under section 69C. Accordingly, order of PCIT set aside.
The Income Tax Appellate Tribunal (ITAT) Delhi, in the case of Dalmia (Bros) Pvt. Ltd. vs DCIT, ruled that expenses on vehicle maintenance and club fees, when taxed as perquisites in the hands of directors and employees,
