Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
The note records an ITAT ruling on banking and employee-benefit tax issues. Actuarially valued pension, leave-travel/home-travel, and other long-term employee benefit provisions were treated as ascertained liabilities and allowed, while privilege leave encashment remained deductible only on actual payment. Interest on NPAs and non-performing investments was taxed only on real income, and securities in AFS/HFT/HTM categories were accepted at lower of cost or market value. The Tribunal also held that MAT does not apply to corresponding new banks, upheld business-expediency deductions for staff welfare and retired employees' medical benefits, and remitted or rejected several claims for lack of verification or supporting material.
The note records an ITAT ruling on banking and employee-benefit tax issues. Actuarially valued pension, leave-travel/home-travel, and other long-term employee benefit provisions were treated as ascertained liabilities and allowed, while privilege leave encashment remained deductible only on actual payment. Interest on NPAs and non-performing investments was taxed only on real income, and securities in AFS/HFT/HTM categories were accepted at lower of cost or market value. The Tribunal also held that MAT does not apply to corresponding new banks, upheld business-expediency deductions for staff welfare and retired employees' medical benefits, and remitted or rejected several claims for lack of verification or supporting material.
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