Interest on delayed release of requisitioned cash includes statutory pre-assessment interest and restitutionary compensation for unlawful post-assessm...
Incomplete inventory records justify rejecting accounts, while profit estimation requires relevant comparable material and interest falls under other ...
Transfer-pricing comparability requires functional alignment; delayed associated-enterprise receivables need separate LIBOR-based benchmarking, while ...
Extended reassessment limitation in search cases requires asset-linked escaped income, invalidating additions based only on unexplained money or expen...
Enhanced tolerance band under section 43CA applies retrospectively, deleting qualifying deemed-sale additions while disputed stamp valuation requires ...
Expenditure incurred by subsidiary company for overseeing and executing contracts entered by parent company cannot be considered as business loss of subsidiary. Subsidiary did not undertake its own business and expenses were not occasioned in process or for its business. Expenditure must be connected with or related to business carried on by assessee and profits and gains therein to allow loss. Holding and subsidiary are separate entities, expenditure pertaining to one cannot be claimed by other. For deduction u/s 37, prerequisites are expenditure incurred in respect of business carried on by assessee and spent wholly and exclusively for its own business. Expenditure incurred by subsidiary not in ordinary course of its business cannot be allowed as deduction.
Expenditure incurred by subsidiary company for overseeing and executing contracts entered by parent company cannot be considered as business loss of subsidiary. Subsidiary did not undertake its own business and expenses were not occasioned in process or for its business. Expenditure must be connected with or related to business carried on by assessee and profits and gains therein to allow loss. Holding and subsidiary are separate entities, expenditure pertaining to one cannot be claimed by other. For deduction u/s 37, prerequisites are expenditure incurred in respect of business carried on by assessee and spent wholly and exclusively for its own business. Expenditure incurred by subsidiary not in ordinary course of its business cannot be allowed as deduction.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4921 
