Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Disallowance of export commission paid by the assessee - allowable business expenses or not? - Despite the substantial increase in commission compared to the preceding year, there was no allegation of the commission being paid to a related party or being bogus. The ITAT recognized the challenging market situation in the export industry, which warranted higher commission payments due to extra efforts by commission agents. The Tribunal found that the expenditure was incurred wholly and exclusively for business purposes, with no contradictory evidence on record. - As a result, the ITAT allowed the appeal by the assessee
Disallowance of export commission paid by the assessee - allowable business expenses or not? - Despite the substantial increase in commission compared to the preceding year, there was no allegation of the commission being paid to a related party or being bogus. The ITAT recognized the challenging market situation in the export industry, which warranted higher commission payments due to extra efforts by commission agents. The Tribunal found that the expenditure was incurred wholly and exclusively for business purposes, with no contradictory evidence on record. - As a result, the ITAT allowed the appeal by the assessee
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