Withdrawal of obsolete FEMA circulars streamlines rules on external commercial borrowings, non-resident bond investments, and money transfer sub-agent...
Departmental appeal limitation after call-book recall preserves original filing, while documented correlation supports SAD refund on imported granules...
Income-tax prosecution fails when appellate remand removes its factual foundation; directors require company arraignment for vicarious criminal liabil...
Capital character of assignment consideration prevents taxation as residuary income, while unsupported interest-related expenditure remains non-deduct...
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Welfare-fund contribution deductibility depends on comparing the employer's contribution with gross salary, rather than figures distorted by separate accounting of net salaries and combined employee-employer PF and ESI payments. Contributions remaining within the prescribed ceiling are not treated as excess. Disallowance of expenditure relating to exempt income under section 14A read with rule 8D does not arise where no exempt income is earned. Amounts recovered through customer service bills for canteen and transportation facilities used by deputed employees may qualify as business expenditure when incurred wholly and exclusively for the business and supported by customer-bill records.
Welfare-fund contribution deductibility depends on comparing the employer's contribution with gross salary, rather than figures distorted by separate accounting of net salaries and combined employee-employer PF and ESI payments. Contributions remaining within the prescribed ceiling are not treated as excess. Disallowance of expenditure relating to exempt income under section 14A read with rule 8D does not arise where no exempt income is earned. Amounts recovered through customer service bills for canteen and transportation facilities used by deputed employees may qualify as business expenditure when incurred wholly and exclusively for the business and supported by customer-bill records.
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