Final benami adjudication bars contradictory tax-evasion prosecution where settlement findings confirm full disclosure and cooperation without conceal...
Faceless assessment and registration procedures are updated through electronic communication, revised recovery rules, extended deadlines, and replacem...
Risk-based selective vessel boarding requires accurate declarations and preserves master and agent liability where physical inspections are not select...
Business-expenditure deductibility after transfer of a branch undertaking depends on whether retained statutory assets and related expenditure continued to serve the business. The phrase "for the purpose of business" extends to acts incidental to carrying on business, but substantial legal and professional expenses cannot be allowed without complete particulars on their nature, purpose, and connection with business operations. Where those facts have not been examined, the disallowance requires fresh factual verification. The expenditure claim was remitted for de novo assessment, with the disallowance set aside for reconsideration in accordance with law.
Business-expenditure deductibility after transfer of a branch undertaking depends on whether retained statutory assets and related expenditure continued to serve the business. The phrase "for the purpose of business" extends to acts incidental to carrying on business, but substantial legal and professional expenses cannot be allowed without complete particulars on their nature, purpose, and connection with business operations. Where those facts have not been examined, the disallowance requires fresh factual verification. The expenditure claim was remitted for de novo assessment, with the disallowance set aside for reconsideration in accordance with law.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4881 
