Income Tax : Explains when food and hospitality expenses qualify as business deductions and outlines the tests under Section 37(1) to distingui...
Income Tax : Explains how Section 37(1) restricts deductions to expenses exclusively for business and highlights gray-area items like home offi...
Income Tax : ITAT Ahmedabad held settlement payments in foreign civil cases are deductible under Section 37(1) as compensatory, not penal, and ...
Income Tax : Summary of Section 37(1) IT Act for business expenditure deduction. Covers "wholly and exclusively" test, commercial expediency, ...
Income Tax : Examines the tax implications of employer-funded education, covering employer deductions and employee taxation. Includes analysis ...
Income Tax : The Supreme Court held that interest paid on borrowed funds was deductible under Section 36(1)(iii) because the loan was used for ...
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 : ITAT Mumbai held that although foreign commission expenditure was non-genuine and liable for disallowance, amounts already written...
Income Tax : ITAT Chennai held that before the 2016 amendment, DSIR approval under Section 35(2AB) related to the in-house R&D facility and not...
Income Tax : The Mumbai ITAT allowed deduction of professional fees paid for facilitating remittances relating to Iranian-origin imports affect...
ITAT Delhi’s decision in the case of Grand Venezia Commercial Towers Pvt. Ltd. regarding hearings notice sent to wrong address. Detailed analysis and conclusion.
Payments made as part of a settlement agreement regarding relinquishment of partnership interests are capital expenditures ITAT Pune in ITO Vs Sarsan Developers
Read about the ITAT Delhi’s direction to submit sales tax documents within 6 months. Analysis of the case between Jay Polychem India Ltd and ACIT.
Admission fees paid to a club towards corporate membership would be a revenue expenditure because it had been incurred wholly and exclusively for the purposes of business and not towards capital account.
ITAT Delhi held that it is settled principle of law that the disallowance under section 14A of the Income Tax Act cannot exceed the exempt income.
ITAT Pune held that income derived from twin land transactions deserves to be treated as ‘business income’ and cannot be treated as ‘capital gains’.
ITAT Delhi held that ‘mark to market’ loss on future and forward contracts are not notional loss of contingent nature. Accordingly, foreign exchange fluctuation loss as claimed by the assessee allowed.
Vakrangee Foundation faces a penalty for non-compliance with tax audit provisions under Section 44AB. ITAT rules that Section 2(15) does not exempt charitable institutions.
ITAT Chennai held that subsidy received from Government of India under the Focus Market Scheme is Revenue in nature. The same cannot be at any stretch of imagination considered as capital in nature.
Held that the entries in the books of account of amalgamating companies prior to amalgamation cannot be part of the additions made under section 153A in the hands of the assessee (i.e. amalgamated company). Accordingly, additions deleted.
