Advance-ruling mechanism governs pending GST classification, exemption and taxability disputes, limiting writ review once the specialised forum functi...
Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
The ITAT Surat held that interest and remuneration received by the assessee as a partner of a firm are taxable u/s 28(v) of the Act. The assessee can claim deductions u/s 30 to 43D. Expenditure claimed u/s 37 must meet specific criteria: not covered by u/s 30-36, not capital, not personal, for business/profession, incurred in the year, not illegal. The car-related expenses claimed lacked evidence of business use. 50% allowed for business use, reducing disallowed amount to Rs. 2,71,322. The assessee's appeal partly allowed.
The ITAT Surat held that interest and remuneration received by the assessee as a partner of a firm are taxable u/s 28(v) of the Act. The assessee can claim deductions u/s 30 to 43D. Expenditure claimed u/s 37 must meet specific criteria: not covered by u/s 30-36, not capital, not personal, for business/profession, incurred in the year, not illegal. The car-related expenses claimed lacked evidence of business use. 50% allowed for business use, reducing disallowed amount to Rs. 2,71,322. The assessee's appeal partly allowed.
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