Loading...

⚠ ✕
❮ Top
☎ Help
☰
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback✕

Contact Us At :

✉ E-mail: [email protected]

✆ Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search ✕
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
╳
Add to...
You have not created any category. Kindly create one to bookmark this item!
✕
Create New Category
Hide
Title :
Description :
❮❮ Hide
❮ Default View
Expand ❯❯
Close ✕
🔎 Filters / Advanced Search ❯
TEXT

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In
Main Text + AI Text ❯
  • Main Text
  • Main Text + AI Text
  • AI Text
Law:
---- All Laws---- ❯
  • ---- All Laws----
  • Income Tax
  • Direct Taxes
  • Benami Property
  • Central GST Laws
  • SGST - State GST Laws
  • Customs
  • FTP - Foreign Trade Policy
  • SEZ - Special Economic Zone
  • FEMA - Foreign Exchange Management
  • Companies Law
  • SEBI - Securities & Exchange Board of India
  • IBC - Insolvency and Bankruptcy
  • Law of Competition
  • PMLA - Money-Laundering
  • Indian Laws
  • Bill / Finance Bills
  • Wealth Tax
  • Service Tax
  • Central Excise
  • VAT / Sales Tax
Month:
---- All Months ---- ❯
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ---- ❯
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
☰   Show Results ❯
    Reassessment validity depends on tangible material, no prior conscious examination, and recorded reasons that alone define jurisdiction.
    All Industry Rates of Duty Drawback for specified tariff items are reduced through Schedule amendments.
    Special additional excise duty on petrol and diesel exports is revised, imposing new per-litre rates under the amended schedule.
    Expert panel valuation of gems and jewellery requires independent assessment, voluntary service, and strict misconduct consequences.
    Show-cause notice safeguards require consignees to answer alleged GST discrepancies before tax-evasion determinations are made.
    Proof of principal place of business governs GST registration; missing additional-premises rent agreement cannot justify cancellation.
    Tax-exclusive bills of quantities prevail over general tender tax clauses, supporting GST reimbursement for public works contractors.
    Deferred input tax credit under section 16(5) remains available despite GSTR-2A mismatches when supporting records establish genuine business credit.
    Refund of Excess IGST: Clerical GSTR-3B misreporting cannot justify retention of tax paid twice on zero-rated exports.
    Input tax credit on retail-shop interiors remains available where the GST component is not capitalised in fixed-asset cost.
    Input tax credit claims require transaction-specific proof of goods receipt; restored supplier registration supports entitlement despite bogus-supplie...
    Unaccounted stock found during survey requires tax determination, making direct confiscation and penalty proceedings impermissible.
    Actual receipt of goods governs input tax credit claims, requiring cumulative evidence and reasoned verification rather than invoice reliance alone.
    Curable GST pre-deposit defects require an opportunity to correct cash-ledger allocation before an amnesty appeal is rejected.
    Input tax credit claims require evidence beyond a supplier's later non-existence and unsupported fraud allegations.
    GST Transit Penalties Require Proof of Existing Contravention; Route Deviation and Uncorroborated Delivery Allegations Are Insufficient.
    Compensation Cess credit refunds require statutory inverted-tax-structure eligibility; admissible coal credit alone cannot support refunds on domestic...
    Road restoration charges for commercial pipeline work attract reverse-charge GST; portal-only proceedings remain valid without a physical DIN.
    Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
    Reassessment approval without examining loan evidence invalidates proceedings and requires fresh consideration of alleged undisclosed turnover.
❮
❯
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

Highlights
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries

Highlights

Back

All Highlights

Showing Results for :
Reset Filters
No Records Found

Highlights

Back

All Highlights

This case discusses various issues related to the income tax...

Tax Rulings: School Expense Disallowances, Limited Exempt Income Disallowance, and Deferred Payment Commission Upheld.

Contents
Summary
Note

Note

-

Bookmark

Print

Print

Income Tax November 6, 2024 Case Laws AT
This case discusses various issues related to the income tax assessment of a bank. The key points are: Disallowance of expenditure incurred for reservation of seats in schools for employees' children was upheld based on a favorable High Court decision. Disallowance u/s 14A for exempt income was restricted to 1% of exempt income in line with earlier years. Broken period interest paid on securities constituting stock-in-trade was allowed as deduction following a High Court ruling. Interest on securities was taxable only on due basis, not accrual basis, adhering to the accounting method. Loss on revaluation of investments held as stock-in-trade was allowed based on RBI guidelines and favorable High Court decisions. Contribution to pension fund exceeding statutory limits was disallowed u/s 40A(9) following a High Court judgment. The eligibility of the bank to claim deduction u/s 36(1)(viii) for special reserve was remitted back for examination. Deferred payment guarantee commission was held taxable when guarantee was issued and commission received, following precedents. Disallowance of depreciation on leased assets was confirmed. Recovery of bad debts, where no deduction was claimed earlier, was remitted for fresh examination u/s 41(4). Exclusion of foreign branch income was disallowed for the relevant years, allowing only tax credit under tax.

Topics

Acts Income Tax