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-...
ITAT Ahmedabad held that taxing entire unaccounted cash receipts or on-money receipts not justified as only profit embedded in such receipts is taxable. Accordingly, AO directed to adopt 13% profit margin on real estate business and tax accordingly.
ITAT Delhi held that addition under section 68 of the Income Tax Act not justified as genuineness and identity of shareholders proved. Accordingly, appeal of revenue dismissed and CIT(A) upheld.
Madras High Court held that ITAT rightly deleted the addition on account of Mutual Fund Promotion Expenditure and Initial Public Offer Expenditure since the said expenses are incurred wholly for the purpose of business and hence the same are allowable expense.
Madras High Court held that pledging of shares for the enable sister concern to avail loan is certainly an activity undertaken in the course of business. Accordingly, sale of shares thereon to satisfy dues of defaulting sister company is entitled for deduction of business loss/ debt.
The ITAT Delhi has sent back a case involving disallowances for contingent liability and delayed EPF contributions for re-verification, citing judicial precedents.
ITAT Delhi held that disallowance of club expenditure on the basis of nomenclature of the expenditure without demonstrating it as non-business expenditure not sustainable in law. Accordingly, the club expenditure is allowed as business expenditure.
Supreme Court clarifies power to modify arbitral awards under Section 34 in Gayatri Balaswamy case, raising questions on finality, equity, and party autonomy.
Gujarat High Court overturns lower court, orders Rs. 13 lakh robbery cash to be handed to Income Tax Department for undisclosed income probe.
Karnataka High Court held that rectification of Form GSTR-1 for rectifying mismatch/ discrepancy for Assessment Year 2020-21 to be allowed in terms of Circular No. 183/15/2022-GST dated 27.12.2022. GST Department directed accordingly.
Gujarat High Court held that requisition of seized cash allowed under section 132A of the Income Tax Act and directed that the income tax department shall be free to undertake all actions permitted under the law and shall deposit the entire amount in the P.D. Account.
