Deductibility for charitable donations affirmed where payments to approved relief funds, even if CSR-driven, qualify under the donation deduction sche...
Mis-declaration in import descriptions must be deliberate to justify confiscation; withheld contemporaneous import documents invalidate value redeterm...
Liability for EPCG export shortfall: duty and interest sustained, but confiscation and penalties quashed where no fraud and causes beyond importer con...
For exempt-income disallowance under Rule 8D, only investments that actually yielded exempt income were to be considered, and the matter was remitted for recomputation. Notional interest on business advances was deleted because there was no actual accrual or receipt and the advances were not shown to be lending transactions. In transfer pricing, foreign currency loans repayable in US dollars were to be benchmarked by reference to LIBOR, not the domestic lending rate, while TNMM for AE sales was upheld and excluded comparables were sustained. A separate adjustment on outstanding receivables was rejected where working-capital effects were already reflected. The section 14A amount was also not added to book profit under MAT.
For exempt-income disallowance under Rule 8D, only investments that actually yielded exempt income were to be considered, and the matter was remitted for recomputation. Notional interest on business advances was deleted because there was no actual accrual or receipt and the advances were not shown to be lending transactions. In transfer pricing, foreign currency loans repayable in US dollars were to be benchmarked by reference to LIBOR, not the domestic lending rate, while TNMM for AE sales was upheld and excluded comparables were sustained. A separate adjustment on outstanding receivables was rejected where working-capital effects were already reflected. The section 14A amount was also not added to book profit under MAT.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
