Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Employee stock option discount is treated as employee remuneration and, following the cited Biocon ruling, is described as deductible business expenditure under the mercantile system even without actual cash outflow, because the liability is ascertained and not merely contingent when quantified on exercise. On the second issue, where no exempt income was earned or claimed in the relevant year, the text states that section 14A read with Rule 8D does not apply; the Finance Act, 2022 amendment extending the provision to years with no exempt income is said to operate prospectively from assessment year 2022-23. The reported result is deletion of both disallowances.
Employee stock option discount is treated as employee remuneration and, following the cited Biocon ruling, is described as deductible business expenditure under the mercantile system even without actual cash outflow, because the liability is ascertained and not merely contingent when quantified on exercise. On the second issue, where no exempt income was earned or claimed in the relevant year, the text states that section 14A read with Rule 8D does not apply; the Finance Act, 2022 amendment extending the provision to years with no exempt income is said to operate prospectively from assessment year 2022-23. The reported result is deletion of both disallowances.
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