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...
The Court held that once a revised return is filed, the original return stands obliterated. Ignoring the revised return was treated as a legal error, leading to remand for fresh assessment.
The case examined whether CSR expenses can qualify for deduction despite Section 37 disallowance. ITAT held that Section 80G operates independently and allows deduction for eligible donations. The ruling clarifies dual treatment of CSR spending.
ITAT Mumbai rules actuarial provisions for employee benefit schemes are allowable under Section 37(1) as ascertained liabilities, deletes major disallowances on expense provisions, limits TDS applicability to payment stage, and prevents double taxation of expenses.
The tribunal ruled that state VAT provisions do not prevail over the Insolvency Code. Tax dues were rightly treated as operational debt under the resolution plan.
The Court held that reassessment based solely on an audit objection is invalid as it constitutes a change of opinion. It emphasized that previously examined issues cannot be reopened without new tangible material. The ruling reinforces limits on reassessment powers.
The tribunal allowed adoption of stamp value as on the agreement date instead of registration. It held the proviso to Section 50C is retrospective as it removes hardship. This provides relief in cases of delayed registration.
Zee Entertainment Enterprises Limited Vs DCIT (ITAT Mumbai) The matter concerns two appeals filed by the assessee against orders of the Commissioner of Income Tax (Appeals)-48, Mumbai, for Assessment Years (AY) 2015–16 and 2019–20. Both appeals arise from assessment orders passed under Section 143(3) read with Section 147 of the Income Tax Act, 1961. Since […]
ITAT Mumbai held that no TDS is liable to be deducted when payment is made for serving food in a restaurant in the normal course of running of the restaurant/café. Accordingly, appeal allowed to that extent.
ITAT Mumbai held that the assessee is eligible for claiming Initial Public Offer i.e. [IPO] expenses proportionate to the shareholding in terms of clause (i) of section 48 of the Income Tax Act. Accordingly, the appeal is allowed to that extent.
The Tribunal upheld contravention but reduced penalties due to lack of justification for maximum fines. It emphasized proportionality in penalty determination. Key takeaway: penalty must be reasoned and proportionate.
