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 Mumbai held that penalty levied for late filing of Profession Tax Return is penal in nature accordingly is not allowable as business expenditure.
Delhi High Court granted regular bail on the reasonable grounds based on which it can be believed that the petitioner is not guilty of offence under section 3 of PMLA and also that petitioner has materially co-operated in the investigation.
ITAT Mumbai’s decision in case of DCIT vs KEC International Limited, where a 0.6% arm’s length rate was established for corporate guarantee fees, influencing future transfer pricing adjustments.
ITAT Mumbai ruled that membership fees paid for a key person of a company are allowable as business expenditure. The case involved the disallowance of club membership fees paid to Cricket Club of India.
Delhi High Court held that the power to grant bail on medical grounds under the first proviso to Section 45(1) of the Prevention of Money Laundering Act, 2002 (PMLA) is discretionary. Accordingly, court directed AIIMS to evaluate medical condition of the petitioner.
ITAT Mumbai held that the income portion of the on-money is assessable in the year in which the sale of concerned flat is declared by the assessee.
Jharkhand High Court held that ‘Provision for Warranty Expenses’ is allowable as business expense as large number of sophisticated goods were manufactured in past and if facts established show that defects existing in some of items manufactured and sold then provision for warranty is entitled to deduction.
ITAT Delhi ruling in Maral Overseas Ltd Vs DCIT, asserting that Education cess is non-deductible as an expenditure under Sections 37 and 40(a)(ii) of Income Tax Act.
ITAT Mumbai held that foreign travelling expenses in respect of spouses who accompanied on official tour with some of the company employees is allowable expenditure.
ITAT Delhi held that business promotion expenditure incurred for improving the visibility of the brand and sale of the products is routine expenses incurred during the course of the business. Accordingly, the same is allowable expenditure.
