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...
Explore the impact of Finance Act 2022 on Health and Education Cess in business expenditure. Insights on legal provisions, deductibility under Section 37, and retrospective applicability.
DCIT Vs L & T Access Distribution Services Ltd. (ITAT Mumbai) On the one hand, it is argued by the Ld. A.R. for the assessee before the Ld. CIT(A) that the expenditure of Rs.13.30 crores is for the purpose of setting up of the business of the assessee, but at the same time argued that […]
Penalty charged levied by SEBI related to shortfall in margin money is not for infraction of any law. hence allowable under section 37
XINDIA Steels Ltd. Vs ACIT (ITAT Bangalore) CSR expenditure, for the benefit of public towards education expenses to the schools/villages surrounding the factory of children of the villages where the factory of the assessee is situated, is business expenditure allowable as deduction u/s 37 Facts- The assessee filed return of income declaring Rs.45,62,36,080 as per […]
Wipro Finance Ltd. Vs CIT (Supreme court of India) Facts- The appellant submitted ROI on 29.11.1997 for the A.Y. 1997-1998, mentioning loss of income, amongst others, owing to exchange fluctuation of Rs. 1,10,53,909/. After processing the return u/s. 143(1)(a), the assessment was completed on 16.3.2000. As against the loss declared by the appellant due to exchange […]
Clarifications on allowability of expenditure under section 37 Section 37 of the Act provides for allowability of revenue and non-personal expenditure (other than those failing under sections 30 to 36) laid out or expended wholly and exclusively for the purposes of business or profession. Explanation 1 of sub-section (1) of section 37 of the Act […]
ACIT Vs PC Jewellers Ltd. (ITAT Delhi) Facts- AO disallowed the bank guarantee commission and credit card commission u/s 40(a)(ia) on the grounds that TDS is not deducted. AO rejected the diamond purchase from commission agent and added income @12.5% on the purchase alleging purchase as inflation of purchase price on purchases from accommodation entry […]
Appellant contended that such contribution is made for empowerment of women however, the CIT(A) in its order observed that although the expenditure was for a noble cause, it has no nexus contribution made and the income generated for the business of the Appellant company under Section 37 of the IT Ac
Aswathanarayana & Eswara Vs DCIT (Madras High Court) Expenditure incurred by assessee-firm on partner’s foreign education was to be allowed as deduction when such education was directly related to profession carried on by firm – Madras HC Legal Provisions involved Any expenditure not being in the nature of personal expenses of the assessee laid out […]
Tatia Sky Line & Health Farms Ltd. Vs ACIT (Madras High Court) Conclusion: Expenses incurred by assessee for Public Issue was not allowable as revenue expenditure as assessee miserably failed to establish the tenability and truthfulness of its claim that the expenditure was revenue in nature. Held: Assessee, a public limited company, was in the […]
