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...
Asuda Holdings Private Limited Vs CIT (ITAT Mumbai) ITAT Mumbai held that there is a clear diversion of funds for non-business purpose as funds are borrowed @18% and lended the same to one of its directors at 13.5%. Accordingly, disallowance under section 36(1)(iii) sustained. Facts- AO observed that assessee has taken loan from M/s. Elevators […]
ITAT Bangalore held that Comparable Uncontrolled Price (CUP) is the most appropriate method for determining the Arm’s Length Price of the assessee for the importing of goods for manufacturing segment.
ITAT Ahmedabad held that payment of interest towards compromise agreement was not made towards any infraction of law and therefore, the same is allowable under section 37 of the Income Tax Act.
ITAT Delhi held that expense on Social & Rural Development Programme are revenue in nature, accordingly, allowable under section 37
Explore the landmark ITAT Chennai 2016 ruling on CWIP expense write-off in Faurecia Emissions vs. DCIT, highlighting evolving legal perspectives on capital vs. revenue expenditure in business.
ITAT Bangalore held that expenditure towards ESOP is wholly and exclusively for the purpose of business and it satisfies all the conditions referred to in section 37(1). Accordingly, expenditure towards ESOP is eligible for deduction u/s 37 of the Income Tax Act.
ITAT Ahmedabad held that gift items given to business associates and executives qualifies as sales promotion expenditure allowable under section 37 of the Income Tax Act.
ITAT Delhi held that the scholarship to a student who was neither an employee nor associated with the company for any commercial or business purpose doesn’t satisfy the provisions of section 36 and section 37 and hence not allowable as deduction.
Kiran Roadlines Vs ACIT (ITAT Rajkot) The assessee is a registered firm in the business of transportation. It appears that for A.Y. 2004-05 & 2005-06 identical penalty debited to P&L account has been allowed by he Ld. CIT(A). In appeal preferred before the ITAT by the Revenue dated 06.03.2009, the Hon’ble Bench has been pleased […]
Delhi High Court held that Explanation 2 was inserted in Section 37 via Finance (No.2) Act, 2004 and is effective from 01.04.2015 [from Assessment Year 2015-2016 onwards] Accordingly expenditure incurred towards Corporate Social Responsibility is allowable as deduction u/s 37 of the Income Tax Act.
