Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
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The ITAT Delhi addressed the issue of accrual of income and chargeability of income-tax on surcharge income offered by the assessee on a receipt basis. The assessee argued for taxation upon actual receipt of the surcharge, while the AO rejected this method. The tribunal held that the surcharge, being disputable and not mandatorily payable at the time of bill payment, was not an accrued receipt and thus not taxable as real income. The AO was directed to verify when the surcharge income was realized and offered for tax. Additionally, regarding u/s 14A r.w.r. 8D, the tribunal admitted additional evidence provided by the assessee and remanded the issue to the AO for re-examination. In a separate matter for Assessment Year 2014-15, it was held that investments were made from own funds, not borrowed funds, thus disallowance u/s 14A was not permissible. Appeals were allowed for statistical purposes.
The ITAT Delhi addressed the issue of accrual of income and chargeability of income-tax on surcharge income offered by the assessee on a receipt basis. The assessee argued for taxation upon actual receipt of the surcharge, while the AO rejected this method. The tribunal held that the surcharge, being disputable and not mandatorily payable at the time of bill payment, was not an accrued receipt and thus not taxable as real income. The AO was directed to verify when the surcharge income was realized and offered for tax. Additionally, regarding u/s 14A r.w.r. 8D, the tribunal admitted additional evidence provided by the assessee and remanded the issue to the AO for re-examination. In a separate matter for Assessment Year 2014-15, it was held that investments were made from own funds, not borrowed funds, thus disallowance u/s 14A was not permissible. Appeals were allowed for statistical purposes.
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