Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
Transfer-pricing methodology protects commercially genuine associated-enterprise payments, while pre-2016 secondary adjustments and related notional i...
Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
Cross-examination rights in Customs Broker revocation inquiries require witness examination; procedural denial may be cured through fresh adjudication...
Disallowance of foreign exchange fluctuation loss on sale proceeds held in the EEFC account - ITAT deleted addition - The High Court, after considering the arguments presented by both parties and referring to the Woodward Governor India case, concluded that the treatment of forex losses should adhere to the principles laid down in income tax law and accounting standards. It emphasized that such losses are considered as an item of expenditure under Section 37(1) of the Income Tax Act. As the issues raised had already been settled by precedent decisions, the Court declined to admit the appeal, affirming the decisions of the ITAT and the coordinate Bench of the Court.
Disallowance of foreign exchange fluctuation loss on sale proceeds held in the EEFC account - ITAT deleted addition - The High Court, after considering the arguments presented by both parties and referring to the Woodward Governor India case, concluded that the treatment of forex losses should adhere to the principles laid down in income tax law and accounting standards. It emphasized that such losses are considered as an item of expenditure under Section 37(1) of the Income Tax Act. As the issues raised had already been settled by precedent decisions, the Court declined to admit the appeal, affirming the decisions of the ITAT and the coordinate Bench of the Court.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
