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...
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Bad-debt deduction for share-broking client dues may be claimed where outstanding client balances are treated as irrecoverable and written off in the accounts. Under amended section 36(1)(vii), actual irrecoverability need not be established. Continuing transactions or payments by clients do not preclude the claim where the broker follows a consistent settlement pattern under which clients pay agreed amounts and residual balances are written off. Client receivables qualify as debts when brokerage included in those receivables has been taken into account in computing income. The disallowance of the written-off client dues was deleted and the deduction sustained.
Bad-debt deduction for share-broking client dues may be claimed where outstanding client balances are treated as irrecoverable and written off in the accounts. Under amended section 36(1)(vii), actual irrecoverability need not be established. Continuing transactions or payments by clients do not preclude the claim where the broker follows a consistent settlement pattern under which clients pay agreed amounts and residual balances are written off. Client receivables qualify as debts when brokerage included in those receivables has been taken into account in computing income. The disallowance of the written-off client dues was deleted and the deduction sustained.
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