Independent show-cause notices remain separate proceedings, while customs adjudication challenges should ordinarily follow the statutory appellate rem...
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...
Disallowance u/s 14A read with Rule 8D - The assessing officer's reliance on CBDT Circular No. 5 of 2014 to make disallowance u/s 14A is legally untenable and liable to be deleted. The amendment to Section 14A by the Finance Act, 2022 is applicable prospectively only, as held by the Guwahati High Court. Where the assessee's interest-free own funds exceeded investments in tax-free securities, no proportionate disallowance is warranted u/s 14A, as per the Supreme Court's decision. Mandatory to record dissatisfaction u/s 14(2) - Disallowance invoking Rule 8 without recording dissatisfaction by the assessing officer is against Section 14(2), and the addition is liable to be deleted. MAT computation on Section 14A addition - Provisions of Section 14A cannot be applied for computing book profit u/s 115JB, and the addition made by the assessing officer is to be deleted. Depreciation on goodwill arising from amalgamation u/s 32 - Goodwill arising as a result of an amalgamation approved by NCLT is allowable for depreciation, contrary to the assessing officer's view that it was transferred from the amalgamating company.
Disallowance u/s 14A read with Rule 8D - The assessing officer's reliance on CBDT Circular No. 5 of 2014 to make disallowance u/s 14A is legally untenable and liable to be deleted. The amendment to Section 14A by the Finance Act, 2022 is applicable prospectively only, as held by the Guwahati High Court. Where the assessee's interest-free own funds exceeded investments in tax-free securities, no proportionate disallowance is warranted u/s 14A, as per the Supreme Court's decision. Mandatory to record dissatisfaction u/s 14(2) - Disallowance invoking Rule 8 without recording dissatisfaction by the assessing officer is against Section 14(2), and the addition is liable to be deleted. MAT computation on Section 14A addition - Provisions of Section 14A cannot be applied for computing book profit u/s 115JB, and the addition made by the assessing officer is to be deleted. Depreciation on goodwill arising from amalgamation u/s 32 - Goodwill arising as a result of an amalgamation approved by NCLT is allowable for depreciation, contrary to the assessing officer's view that it was transferred from the amalgamating company.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
