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 ruled that accepted sales necessarily imply corresponding purchases, even if sourced through the grey market. The addition was therefore restricted to estimated profit instead of the full purchase amount.
High Court held that consideration received on transfer of self-generated trademarks before 1 April 2002 was not taxable as capital gains because no ascertainable cost of acquisition existed, making computation provisions unworkable.
The Court examined whether ITC can be denied when the supplier fails to deposit tax. It upheld the provision, ruling that ITC depends on actual tax payment to the Government. The key takeaway is that purchaser compliance alone is insufficient without supplier tax remittance.
The issue was whether commission payments were genuine business expenses. The Tribunal held that disallowance based on non-response and suspicion was not justified. The key takeaway is that conjectures cannot replace evidence in tax assessments.
The issue was whether reassessment initiated by a non-jurisdictional AO is valid. The tribunal held that proceedings are void ab initio when jurisdiction had already been transferred under Section 127.
Consistency over technicalities: ITAT Mumbai allowed actuarial pension provision as an ascertained liability, rejected mechanical disallowances, and held CBDT instructions cannot override the Income-tax Act.
The Tribunal held that wage arrears arising from pay revision constitute an accrued liability from the effective date. The provision was allowed despite later payment and quantification.
The Tribunal held that BLT cannot be used for transfer pricing adjustments on AMP expenses. It ruled that no adjustment was warranted based on binding precedents.
The Tribunal upheld deletion of expense disallowance after finding that occupation charges were settled during the relevant year. It ruled that such crystallized liabilities are allowable under Section 37(1), dismissing the Revenue’s objections.
ITAT Mumbai remanded ₹95.81 lakh commission disallowance, holding that non-response to Section 133(6) notices alone cannot justify addition without proper verification; ad-hoc expense disallowance reduced from 20% to 10%.
