Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
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Interest provision based on an arbitral award was disallowed because the Supreme Court's setting aside of that award extinguished the underlying liability, so the claim had to be reconsidered on the footing that no such interest was payable. Expenditure on gifts, boarding, lodging and allied arrangements for a General Body Meeting was held to be business expenditure under a purposive reading of section 37, since convening such a meeting was a statutory requirement and the Assessing Officer could not reject the claim merely as excessive once its business purpose was established. The Tribunal's allowance of that expenditure was affirmed, while the interest provision deduction was rejected.
Interest provision based on an arbitral award was disallowed because the Supreme Court's setting aside of that award extinguished the underlying liability, so the claim had to be reconsidered on the footing that no such interest was payable. Expenditure on gifts, boarding, lodging and allied arrangements for a General Body Meeting was held to be business expenditure under a purposive reading of section 37, since convening such a meeting was a statutory requirement and the Assessing Officer could not reject the claim merely as excessive once its business purpose was established. The Tribunal's allowance of that expenditure was affirmed, while the interest provision deduction was rejected.
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