Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
The ITAT Kolkata addressed the disallowance of contribution to LIC Group Gratuity Scheme u/s. 36(1)(v) and the alternative claim u/s. 37(1). The Tribunal noted the delay in approval of the gratuity fund application by the assessee, despite fulfilling requirements since 2002. The approval was eventually granted in 2023, with retrospective effect. The Tribunal considered Rule 5 of Part C of the 4th Schedule, treating gratuity fund as salary for the employee, and applied the principle of reasonable construction to allow the deduction u/s. 37(1) based on prior approvals and compliance efforts. The Tribunal allowed the assessee's claim, emphasizing adherence to statutory provisions and past approvals.
The ITAT Kolkata addressed the disallowance of contribution to LIC Group Gratuity Scheme u/s. 36(1)(v) and the alternative claim u/s. 37(1). The Tribunal noted the delay in approval of the gratuity fund application by the assessee, despite fulfilling requirements since 2002. The approval was eventually granted in 2023, with retrospective effect. The Tribunal considered Rule 5 of Part C of the 4th Schedule, treating gratuity fund as salary for the employee, and applied the principle of reasonable construction to allow the deduction u/s. 37(1) based on prior approvals and compliance efforts. The Tribunal allowed the assessee's claim, emphasizing adherence to statutory provisions and past approvals.
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