Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
Interactive touchscreen panels with integrated computing functions fall under automatic data-processing machines rather than display monitors for cust...
Ex parte injunction service requirements were substantially met, while civil recovery and SFIO investigation into provident fund defalcation continued...
Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
The High Court held that the amount transferred by the assessee to the Statutory Reserve Fund in compliance with the mandatory provisions of Section 45IC read with Section 45Q of the Reserve Bank of India Act, 1934, is not an allowable deduction in computing the assessable income under the provisions of the Income Tax Act, 1961. This decision aligns with the Court's earlier ruling for the same assessee in other assessment years. The Court concluded that the reserve fund represents retained profits for business use and does not qualify as a deductible expense under regular income computation or book profit computation u/s 115JB. Consequently, the orders of the lower authorities were upheld, and the issue was decided in favor of the revenue department.
The High Court held that the amount transferred by the assessee to the Statutory Reserve Fund in compliance with the mandatory provisions of Section 45IC read with Section 45Q of the Reserve Bank of India Act, 1934, is not an allowable deduction in computing the assessable income under the provisions of the Income Tax Act, 1961. This decision aligns with the Court's earlier ruling for the same assessee in other assessment years. The Court concluded that the reserve fund represents retained profits for business use and does not qualify as a deductible expense under regular income computation or book profit computation u/s 115JB. Consequently, the orders of the lower authorities were upheld, and the issue was decided in favor of the revenue department.
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