Minimum alternate tax exclusions for pre-amendment banking companies and expatriate Indian branch salaries remain outside head office expenditure limi...
Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
ITAT dealt with the addition of notional interest on interest-free advances and disallowance of inflated import purchases. Assessee's advances to brokers were assigned to another company and were NIL as of 01.04.2009, so no notional interest was warranted. CIT(A)'s deletion of the addition was upheld. Import purchases were genuine, resulting in profits, not losses. CIT(A) rightly deleted the inflated purchase disallowance. Assessee's new claims for deductions in abated assessments u/s 153A were allowed. Subsidies under FPS & VKGUY were capital receipts, not taxable. Disallowance u/s 14A limited to exempt income and not added to book profit u/s 115JB. ESOP expenses allowed u/s 37(1). Foreign exchange loss treated as revenue expenditure. Penalty u/s 271(1)(c) was deleted following the deletion of the related additions.
ITAT dealt with the addition of notional interest on interest-free advances and disallowance of inflated import purchases. Assessee's advances to brokers were assigned to another company and were NIL as of 01.04.2009, so no notional interest was warranted. CIT(A)'s deletion of the addition was upheld. Import purchases were genuine, resulting in profits, not losses. CIT(A) rightly deleted the inflated purchase disallowance. Assessee's new claims for deductions in abated assessments u/s 153A were allowed. Subsidies under FPS & VKGUY were capital receipts, not taxable. Disallowance u/s 14A limited to exempt income and not added to book profit u/s 115JB. ESOP expenses allowed u/s 37(1). Foreign exchange loss treated as revenue expenditure. Penalty u/s 271(1)(c) was deleted following the deletion of the related additions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
