Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
The ITAT Delhi addressed two key issues. Firstly, on disallowance of provision for leave encashment, the AO rejected the claim as it was not made through a revised return. The Tribunal held that deduction can only be allowed when actual payment is made u/s 43B(f) of the Act, citing a Supreme Court ruling. AO directed to verify actual payment date. Secondly, on taxability of excise duty subsidy, the Tribunal ruled it as capital receipt based on earlier decisions, holding it non-taxable. Additional ground raised by the assessee was allowed.
The ITAT Delhi addressed two key issues. Firstly, on disallowance of provision for leave encashment, the AO rejected the claim as it was not made through a revised return. The Tribunal held that deduction can only be allowed when actual payment is made u/s 43B(f) of the Act, citing a Supreme Court ruling. AO directed to verify actual payment date. Secondly, on taxability of excise duty subsidy, the Tribunal ruled it as capital receipt based on earlier decisions, holding it non-taxable. Additional ground raised by the assessee was allowed.
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