Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
Unpaid bonus provisions are disallowable in the year of claim where payment conditions are not met, but the same income cannot be taxed again when an excess provision is reversed and offered in a later year; any resulting double taxation must be avoided through verification and reduction. Provisions made by a co-operative bank against standard assets were treated as deductible, resulting in deletion of the related disallowances. A separate disallowance of income-tax provision was deleted because the amount had already been added back, preventing double addition. Ex gratia employee incentives were treated as salary or incentive payments allowable in the year of payment. Carry-forward depreciation was directed to be recomputed.
Unpaid bonus provisions are disallowable in the year of claim where payment conditions are not met, but the same income cannot be taxed again when an excess provision is reversed and offered in a later year; any resulting double taxation must be avoided through verification and reduction. Provisions made by a co-operative bank against standard assets were treated as deductible, resulting in deletion of the related disallowances. A separate disallowance of income-tax provision was deleted because the amount had already been added back, preventing double addition. Ex gratia employee incentives were treated as salary or incentive payments allowable in the year of payment. Carry-forward depreciation was directed to be recomputed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4786
Join Channel
TaxTMI 
