Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Overseas NRI Desk costs, including allocable staff, administrative, support, internal audit, financial control, IT, human resources, operations, rent, maintenance, depreciation and advertising expenses, fall within the Explanation to section 44C when incurred by a non-resident banking company. They are therefore treated as head office expenditure subject to the statutory limitation under section 44C, rather than direct business expenditure fully deductible under section 37(1). The disallowance of full deduction under section 37(1) was sustained, consistently with the settled treatment in earlier years and the cited Supreme Court authority.
Overseas NRI Desk costs, including allocable staff, administrative, support, internal audit, financial control, IT, human resources, operations, rent, maintenance, depreciation and advertising expenses, fall within the Explanation to section 44C when incurred by a non-resident banking company. They are therefore treated as head office expenditure subject to the statutory limitation under section 44C, rather than direct business expenditure fully deductible under section 37(1). The disallowance of full deduction under section 37(1) was sustained, consistently with the settled treatment in earlier years and the cited Supreme Court authority.
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