Business expenditure and depreciation rules allow operational outgoings while limiting disallowances for personal elements and unsupported third-party...
Compromise-and-arrangement extensions may accommodate debt assignment where creditor commercial judgment supports value maximisation and avoids proced...
Delayed-payment surcharge is not taxable tolerance consideration where it penalises default, while meter testing follows electricity distribution trea...
Sufficient cause for delayed revenue income-tax appeals requires bona fides, due diligence and a credible explanation; otherwise limitation bars appea...
Capital-gains computation for an unquoted equity-share transfer uses the consideration actually received or accruing from that transfer; a notional value may replace it only under an express statutory fiction. The prescribed fair-market-value substitution did not apply where the declared consideration exceeded fair market value. Demat records and contemporaneous delivery instructions established completion of the earlier transfer, and later settlement of the purchaser's liability could not alter its transfer date or consideration. A subsequent transfer under a different ownership and contractual structure could not substitute its consideration for the earlier transaction, particularly where conditions had not crystallised the final price. The capital-gains addition was therefore deleted.
Capital-gains computation for an unquoted equity-share transfer uses the consideration actually received or accruing from that transfer; a notional value may replace it only under an express statutory fiction. The prescribed fair-market-value substitution did not apply where the declared consideration exceeded fair market value. Demat records and contemporaneous delivery instructions established completion of the earlier transfer, and later settlement of the purchaser's liability could not alter its transfer date or consideration. A subsequent transfer under a different ownership and contractual structure could not substitute its consideration for the earlier transaction, particularly where conditions had not crystallised the final price. The capital-gains addition was therefore deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4894 
