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 Mumbai has ruled that interest on borrowed funds used for capital reduction is a valid business expense under Section 36(1)(iii) of the Income Tax Act. The tribunal also clarified that the buyback tax under Section 115QA cannot be applied to capital reduction transactions completed before the June 1, 2016 amendment.
ITAT Chennai quashed a reassessment notice, ruling that an Assessing Officer cannot reopen a case after four years based on a review of documents already on file without new, tangible material.
ITAT Jaipur deletes ₹6.26 Cr. addition u/s 68, stating it would be double taxation. Tribunal also rules that the CIT(A) exceeded jurisdiction by remanding the case for verification of already submitted documents.
Chennai ITAT rules that S. 194C(6) (obtaining PAN) and S. 194C(7) (filing statement) are independent. A procedural lapse in filing Form 26Q cannot justify a disallowance u/s 40(a)(ia).
ITAT Chennai held that adhoc disallowance of expenses merely on the basis of suspicion without adequate evidence and cogent reason is not tenable in law. Accordingly, adhoc disallowance under repair and maintenance and sundry expense set aside.
The issue was regarding the disallowance of depreciation and expenses on retention money. Assessee had purchase contracts with retention money payable after successful performance of machinery and recorded the liability under the mercantile system.
Gujarat High Court permitted the petitioner to rectify Form GSTR-1 due to inadvertently showing the turnover of sister concern in Form GSTR-1 resulting into difference in outward supplies declared in Form GSTR-1 and Form GSTR-3B.
A summary of the ITAT Delhi ruling on cross-appeals involving International Tractor Ltd. covering key tax issues on depreciation, R&D, and other business deductions.
Delhi High Court held that strict application of rigours of Section 37 of Narcotic Drugs and Psychotropic Substances Act, 1985 [NDPS Act] not justified since quantity of Ganja recovered is marginally above threshold of commercial quantity under NDPS Act. Accordingly, bail application allowed.
Since no new material or facts had come to light and the AO had already applied his mind during the original assessment, the reassessment proceedings were invalid in law accordingly, Section 148 notice was quashed.
