Reasoned rectification orders require consideration of expenditure disclosed in income-tax returns, preventing revision based on incomplete income com...
Modified returns after business reorganisations cannot trigger fresh scrutiny once the original assessment was complete, invalidating related transfer...
Third-party loose sheets require reliable nexus before supporting unexplained expenditure additions; presumptions do not establish payer identity or o...
TNMM comparability using audited accounts and working-capital adjustments can eliminate unwarranted transfer-pricing additions where verified margins ...
Gross-profit additions on disputed purchases require reasoned appellate determination; disclosed claims alone do not support inaccurate-particulars pe...
Limitation after transfer-pricing remand: fresh TPO reference did not extend the assessment deadline, rendering the consequential assessment time-barr...
Interim judicial restraint on tax deduction prevents default, while supporting reasonable cause and penalty deletion for foreign-leg LFC reimbursement...
Palmolein classification defeated the crude-oil concession; material misdeclaration sustained recovery and confiscation, while separate false-document...
Minimum alternate tax does not apply to a banking company governed by the Banking Regulation Act, 1949. Leave-salary or leave-encashment liability may accrue under mercantile accounting, but its deduction is deferred until actual payment; an unpaid provision is not deductible. An uninterrupted power supply used solely to support a computer system, without evidence of independent use, forms an integral part of that system and qualifies for depreciation at the computer-equipment rate. The tax treatment therefore excludes regulated banking companies from minimum alternate tax and allows the higher computer-equipment depreciation rate, while denying deduction for unpaid leave-encashment provisions.
Minimum alternate tax does not apply to a banking company governed by the Banking Regulation Act, 1949. Leave-salary or leave-encashment liability may accrue under mercantile accounting, but its deduction is deferred until actual payment; an unpaid provision is not deductible. An uninterrupted power supply used solely to support a computer system, without evidence of independent use, forms an integral part of that system and qualifies for depreciation at the computer-equipment rate. The tax treatment therefore excludes regulated banking companies from minimum alternate tax and allows the higher computer-equipment depreciation rate, while denying deduction for unpaid leave-encashment provisions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4897 
