Commodity derivatives position limits adopt revised breach penalties, broad commodity criteria, and client open-position limits based on deliverable s...
Effective hearing in GST adjudication requires actual opportunity to respond; ineffective service through a former auditor invalidated ex parte procee...
Third-party search material requires special assessment route, rendering general reassessment notices without jurisdiction when it forms the proceedin...
Transfer-pricing adjustments must be confined to international associated-enterprise transactions, while functionally dissimilar comparables remain ex...
Insolvency moratorium bars income-tax revision proceedings against corporate debtors until the moratorium ends, preserving merits for later determinat...
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Section 41(1) applies only where expenditure or a trading liability was previously allowed as a deduction and the taxpayer subsequently obtains a benefit through remission or cessation. Unpaid interest earlier disallowed under section 43B did not satisfy that condition. Continued balance-sheet recognition, with no write-back, waiver, settlement or discharge, also did not establish cessation; a lender's discounted assignment to an asset reconstruction company did not extinguish the debt. The addition was deleted. Depreciation remained available for a mortgaged building in an existing asset block because mortgage does not transfer ownership and no sale, discard, business unavailability or permanent closure was shown; depreciation was allowed.
Section 41(1) applies only where expenditure or a trading liability was previously allowed as a deduction and the taxpayer subsequently obtains a benefit through remission or cessation. Unpaid interest earlier disallowed under section 43B did not satisfy that condition. Continued balance-sheet recognition, with no write-back, waiver, settlement or discharge, also did not establish cessation; a lender's discounted assignment to an asset reconstruction company did not extinguish the debt. The addition was deleted. Depreciation remained available for a mortgaged building in an existing asset block because mortgage does not transfer ownership and no sale, discard, business unavailability or permanent closure was shown; depreciation was allowed.
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