Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Jurisdictional facts in certificate-of-origin discrepancies can support customs show-cause proceedings, leaving factual explanations for departmental ...
Market value for captive electricity consumption follows industrial consumer tariffs, supporting profit computation for the power generation deduction...
Notional partners' capital entries credited as receivable under an LLP agreement were held outside section 68 because there was no actual inflow of funds during the year, the entries were only book adjustments, and the partners' identities and creditworthiness were not materially disputed; the addition was deleted. Administrative expenditure was also allowed because the LLP had already been set up through execution of the agreement, bank account opening, professional engagement, and regulatory steps, so business expenses remained deductible even without revenue. The Tribunal therefore upheld deletion of both the section 68 addition and the disallowance of administrative expenditure and dismissed the Revenue's appeal.
Notional partners' capital entries credited as receivable under an LLP agreement were held outside section 68 because there was no actual inflow of funds during the year, the entries were only book adjustments, and the partners' identities and creditworthiness were not materially disputed; the addition was deleted. Administrative expenditure was also allowed because the LLP had already been set up through execution of the agreement, bank account opening, professional engagement, and regulatory steps, so business expenses remained deductible even without revenue. The Tribunal therefore upheld deletion of both the section 68 addition and the disallowance of administrative expenditure and dismissed the Revenue's appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
