Minimum alternate tax exclusions for pre-amendment banking companies and expatriate Indian branch salaries remain outside head office expenditure limi...
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...
Tax was deductible at source on annual lease rent paid to development authorities, and the exemption under section 10(20A) did not apply. Interest for delayed deduction was confined to the period from when tax became deductible until the deductee filed its return. Interest expenditure capitalised as work-in-progress and not charged to the profit and loss account could not be disallowed for delayed tax deduction, because disallowance applies only to expenditure claimed in the profit and loss account. Accordingly, the disallowance of capitalised interest was deleted, while the tax-deduction liability on annual lease rent remained.
Tax was deductible at source on annual lease rent paid to development authorities, and the exemption under section 10(20A) did not apply. Interest for delayed deduction was confined to the period from when tax became deductible until the deductee filed its return. Interest expenditure capitalised as work-in-progress and not charged to the profit and loss account could not be disallowed for delayed tax deduction, because disallowance applies only to expenditure claimed in the profit and loss account. Accordingly, the disallowance of capitalised interest was deleted, while the tax-deduction liability on annual lease rent remained.
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