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 although CSR expenditure is not allowable under Section 37, eligible donations made to recognised institutions can still qualify for deduction under Section 80G. The assessee’s claim was allowed for eligible donations.
The ITAT held that depreciation on goodwill arising from amalgamation could not be disallowed in subsequent years after it had been accepted in the initial assessment. The Tribunal also dismissed the Revenue’s appeal on CSR deduction under Section 80G.
ITAT held that Accounting Standard-19 governs accounting treatment but does not determine tax treatment under the Income-tax Act. It ruled that depreciation belongs to the legal owner while lease rentals remain deductible for the lessee.
The Karnataka High Court held that the arbitral award suffered from patent illegality because the Tribunal ignored invoices showing that GST had already been included in at least some non-tendered work bills. The Court set aside the award on this limited issue and directed fresh computation of GST and consequential interest.
Bangalore ITAT held that mine development expenditure incurred by a mining contractor was allowable as a revenue deduction under Section 37 and not governed by Section 35E. The Tribunal followed its earlier decision in the assessee’s own case and dismissed the Revenue’s appeal.
The ITAT Delhi held that the Assessing Officer failed to record that the seized material had a bearing on the determination of the assessees total income, rendering the Section 153C proceedings invalid. The assessments for multiple years were consequently quashed.
The ITAT ruled that bonus payments recorded in a separate bonus ledger, audit report, and profit and loss account could not be disallowed merely because they were absent from the salary ledger.
The ITAT Delhi held that an adjustment against excess contributions already made to an approved gratuity fund could not be disallowed under Section 40A(7). It also held that contributions to an approved gratuity fund are allowable under Section 40A(7)(b), resulting in deletion of the disallowance.
ITAT Delhi held that where the variation between the issue price and fair market value is within the 10% safe harbour under Rule 11UA, the issue price is deemed to be the FMV. The addition under Section 56(2)(viib) was therefore deleted.
The dispute concerned deduction of CSR expenditure incurred before Explanation 2 to section 37(1) became applicable. The ITAT held that the contribution, made under Ministry of Shipping guidelines, was allowable for AY 2012-13. The decision emphasised that the statutory bar introduced from AY 2015-16 could not be applied retrospectively.
