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...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Exempt tax-free bond interest was not met with proportional disallowance where the bonds were earlier-year investments and sufficient own interest-free funds were available; the deletion of disallowance was sustained. Broken period interest on securities held as stock-in-trade was allowed as revenue expenditure. Foreign-currency loan interest from Indian borrowers was taxable on gross basis under the concessional regime. Interest between a foreign bank's head office and Indian branch was treated as self-dealing, so no taxable income or deductible expense arose. Section 14A did not apply to mutuality receipts, SLR default interest was compensatory and deductible, and a fresh expatriate salary claim was not admitted for want of foundational facts. The book-profit issue for standard assets became academic because MAT was held inapplicable to a banking company; interest on overseas placements was remanded only on actual accrual.
Exempt tax-free bond interest was not met with proportional disallowance where the bonds were earlier-year investments and sufficient own interest-free funds were available; the deletion of disallowance was sustained. Broken period interest on securities held as stock-in-trade was allowed as revenue expenditure. Foreign-currency loan interest from Indian borrowers was taxable on gross basis under the concessional regime. Interest between a foreign bank's head office and Indian branch was treated as self-dealing, so no taxable income or deductible expense arose. Section 14A did not apply to mutuality receipts, SLR default interest was compensatory and deductible, and a fresh expatriate salary claim was not admitted for want of foundational facts. The book-profit issue for standard assets became academic because MAT was held inapplicable to a banking company; interest on overseas placements was remanded only on actual accrual.
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