Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
In bank tax assessments, the Tribunal held that the opening FCTR (Foreign Currency Translation Reserve) balance could not be taxed under ICDS-VI where the Act taxes only current-year income, and a CBDT circular cannot override sections 4 and 5. It also held that section 115JB does not apply to corresponding new banks, and that section 14A cannot be invoked for securities held as stock-in-trade. Reassessment based only on existing records was invalid for want of fresh tangible material, and an assessment on an amalgamated, non-existing entity was a jurisdictional nullity. The Tribunal further upheld relief on bad debts, refund interest, NPA interest, regulatory payments, perpetual bond interest, HTM premium amortisation, wage revision provision, and depreciation on investments.
In bank tax assessments, the Tribunal held that the opening FCTR (Foreign Currency Translation Reserve) balance could not be taxed under ICDS-VI where the Act taxes only current-year income, and a CBDT circular cannot override sections 4 and 5. It also held that section 115JB does not apply to corresponding new banks, and that section 14A cannot be invoked for securities held as stock-in-trade. Reassessment based only on existing records was invalid for want of fresh tangible material, and an assessment on an amalgamated, non-existing entity was a jurisdictional nullity. The Tribunal further upheld relief on bad debts, refund interest, NPA interest, regulatory payments, perpetual bond interest, HTM premium amortisation, wage revision provision, and depreciation on investments.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4800
Join Channel
TaxTMI 
