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October 19, 2026   Case Laws Income Tax
Form 26AS evidence requires successor-entity accounting verification after business transfer, while invoice-supported related-party advertising expenditure remains allowable.
October 19, 2026   Case Laws Customs
Speaking-order requirements protect importers where reassessment changes classification and value without proven grounds or procedural fairness.
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Intermediary liability for concealed imports requires proof of knowledge or participation; mere introductions cannot support abetment penalties.
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PMLA attachment preservation allows housing redevelopment while replacement flat and all related accruals remain subject to attachment.
October 19, 2026   Case Laws Money Laundering
Money-laundering judgment timing requires awaiting the scheduled-offence decision despite continuation of the underlying trial where outcomes directly intersect.
October 19, 2026   Case Laws Service Tax
Intermediary services in overseas film-production arrangements fall outside India's taxable territory, eliminating reverse-charge tax where representatives merely facilitate procurement.
October 18, 2026   Notifications Customs
Preferential tariff concessions for New Zealand-origin imports apply subject to origin proof, specified customs rates, and tariff quota conditions.
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Pensionable wage ceiling replaces centrally specified sum under Employees' Pension Scheme, with corresponding change to the first proviso.
October 18, 2026   Notifications Customs
Customs tariff values for edible oils, precious metals, brass scrap and areca nuts are revised for import valuation.
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October 18, 2026   Notifications SEBI
Accredited investor eligibility expands through securities-market exposure, while alternative investment fund disputes require prescribed resolution and preserve fund property.
October 18, 2026   Circulars SEBI
Closing auction reforms set cash-market price discovery rules and shift expiring derivatives settlement to continuous-trading VWAP calculations.
October 18, 2026   Circulars Customs
Import bonded trucking permission enables air-cargo transshipment under ECTS seals, subject to bond liability and renewal conditions.
October 18, 2026   Circulars Customs
Customs Assessment Portal centralises classification and valuation guidance to support consistent, transparent and informed compliance across stakeholders.

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Home › Highlights › Income Tax › 2024 › July, 2024 › This
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Income Tax

Tribunal adjudicated on ad hoc disallowances of expenses debited...

Tribunal Rules in Favor of Assessee: Disallows Expense Claims, Removes Interest and Salary Disallowances, Allows Section 80IC Deduction.

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Income Tax July 15, 2024 Case Laws AT
Tribunal adjudicated on ad hoc disallowances of expenses debited to P&L, interest paid to banks, salary from Ozone Pharmaceuticals Ltd., deduction u/s 80IB/80IC, and disallowance of selling/distribution expenses. Disallowances were deleted as unsustainable without adverse material. Interest disallowance deleted as borrowed funds utilized for working capital. Salary disallowance deleted as no salary received. Deduction u/s 80IC allowed as conditions satisfied. Selling/distribution expenses disallowance restricted to 10% instead of 25%. Tribunal decided in favor of assessee against revenue on various grounds.
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Acts Income Tax
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