Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Deduction claimed u/s 36(1)(viii) for interest income from housing finance for non-residential purposes was disallowed, excluding such amounts from computing eligible profits. Following the appellate order for the previous year, the disallowance was partly allowed after recomputing eligible income afresh. Allocation of provisions for contingencies and interest on foreign currency borrowings was directed to be reapportioned based on income characterization into eligible and ineligible business activities. Disallowance of expenses towards earning exempt dividend income u/s 10(33) was partly allowed, with directions to reallocate other expenses based on the ratio of investments yielding exempt income. Disallowance u/s 14A for income-tax free bonds and section 10(23) bonds was deleted, relying on a coordinate bench decision. Non-compete fees received were held as capital receipts, not exigible to tax for the relevant year, prior to the amendment by the Finance Act, 2002.
Deduction claimed u/s 36(1)(viii) for interest income from housing finance for non-residential purposes was disallowed, excluding such amounts from computing eligible profits. Following the appellate order for the previous year, the disallowance was partly allowed after recomputing eligible income afresh. Allocation of provisions for contingencies and interest on foreign currency borrowings was directed to be reapportioned based on income characterization into eligible and ineligible business activities. Disallowance of expenses towards earning exempt dividend income u/s 10(33) was partly allowed, with directions to reallocate other expenses based on the ratio of investments yielding exempt income. Disallowance u/s 14A for income-tax free bonds and section 10(23) bonds was deleted, relying on a coordinate bench decision. Non-compete fees received were held as capital receipts, not exigible to tax for the relevant year, prior to the amendment by the Finance Act, 2002.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
