Government water works contract GST concession applied before its withdrawal, while contractual tax reimbursement claims lay outside advance-ruling sc...
Stamp valuation increases after registration-fee payment led to deletion of property-purchase addition within tolerance and without valuation referral...
Capital Asset Conversion Requires Proven Business Stock Treatment; Paper Consideration in Spousal Flat Transfers Does Not Create Taxable Business Inco...
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Stock exchange charges for delivery, reporting, margin and other operational or procedural lapses were treated by the ITAT as non-statutory compensatory payments incurred to secure compliance under exchange bye-laws and regulations. Their description as penalties or fines in the tax audit report did not make them expenditure for an offence or a purpose prohibited by law under Explanation 1 to section 37(1); the disallowance was deleted. A deduction claim for health and education cess, made in good faith under prevailing jurisdictional High Court law, did not become under-reporting or misreporting merely because a later retrospective amendment disallowed it. The related penalty was therefore deleted.
Stock exchange charges for delivery, reporting, margin and other operational or procedural lapses were treated by the ITAT as non-statutory compensatory payments incurred to secure compliance under exchange bye-laws and regulations. Their description as penalties or fines in the tax audit report did not make them expenditure for an offence or a purpose prohibited by law under Explanation 1 to section 37(1); the disallowance was deleted. A deduction claim for health and education cess, made in good faith under prevailing jurisdictional High Court law, did not become under-reporting or misreporting merely because a later retrospective amendment disallowed it. The related penalty was therefore deleted.
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