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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...
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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%.
Tribunal rules that Section 14A disallowance must be limited to investments yielding exempt income and orders recomputation under Rule 8D. It also allows ESOP expenses as a valid business deduction under Section 37(1), treating them as an ascertained liability and not a notional or capital expense.
Expenses incurred for a proposed business project later abandoned were allowed as revenue expenditure. The Tribunal held that such costs remain deductible if incurred for business purposes.
The Tribunal held that adjustments made without issuing prior notice to the assessee violate the mandatory proviso to Section 143(1)(a). Such actions were declared legally unsustainable and liable to be deleted.
