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 ❯
    Final assessment limitation follows DRP-specific timelines when the draft order is timely, despite expiry of general assessment limits.
    Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
    Accommodation-entry loan additions require evidence beyond generic third-party allegations, while interest disallowance needs proof of actual incurren...
    Comparable uncontrolled price method requires actual uncontrolled transactions, resulting in deletion of unsupported related-party loan interest adjus...
    Limitation for section 271D penalties requires a timely order, making orders beyond the statutory period invalid.
    Service of reassessment notice remains a jurisdictional precondition; participation after inquiry notice cannot cure non-service.
    Reassessment based on third-party information upheld, while profit element in fictitious purchases remains subject to estimated disallowance.
    Notice under section 143(2) is mandatory for section 153C assessments, and its complete absence invalidates assessments.
    Search assessment jurisdiction requires a valid assessment block, asset-linked escaped income, incriminating material, and timely completion.
    Royalty benchmarking requires reliable uncontrolled comparables, supporting TNMM aggregation where technical know-how payments are tied to manufacturi...
    Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
    Year-end accruals under consistent accounting remain deductible; duplicate taxation, invalid remands, and uninitiated penalties cannot stand.
    Sufficient cause for delayed Customs appeals excludes unexplained administrative inaction and unsupported blame placed on former counsel.
    Proportionality in Customs Broker licence revocation protects brokers where employee misconduct lacks deliberate broker involvement or repeated violat...
    Essential character determines classification of multifunctional car radio units and qualifying SKD kits as automotive radio receivers.
    Reasoned SFIO investigation orders require discernible statutory grounds; later material cannot cure a defective initiation.
    Financial debt requires time value of money; share-purchase consideration without a repayment obligation cannot support insolvency proceedings.
    Pre-existing quality disputes restrict insolvency admission where credible contemporaneous evidence requires fuller determination in appropriate proce...
    Disciplinary proportionality requires penalties for Authorised Representative misconduct to match proven harm, leading to reconsideration of registrat...
    Reasoned FEMA penalty orders must disclose evidence supporting liability; an unexplained affirmance requires fresh adjudication.
❮
❯
❯❯
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