SEZ-unit profit deduction covers voluntary transfer-pricing adjustments, while exempt-income costs, foreign-exchange loss and ITeS comparables are exa...
Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
The ITAT partly allowed the assessee's appeal. Travel expenses were partly disallowed by 30% considering personal element, while 70% were allowed as business expenses due to lack of documentary evidence establishing exclusive business purpose. Unexplained cash credits u/s 68 were confirmed as the assessee failed to prove identity, creditworthiness, and genuineness of transactions. Disallowance u/s 36(1)(va) for delayed PF/ESIC contributions was upheld following jurisdictional High Court's decision. However, disallowance u/s 36(1)(iii) for interest was deleted as the assessee demonstrated availability of sufficient interest-free funds.
The ITAT partly allowed the assessee's appeal. Travel expenses were partly disallowed by 30% considering personal element, while 70% were allowed as business expenses due to lack of documentary evidence establishing exclusive business purpose. Unexplained cash credits u/s 68 were confirmed as the assessee failed to prove identity, creditworthiness, and genuineness of transactions. Disallowance u/s 36(1)(va) for delayed PF/ESIC contributions was upheld following jurisdictional High Court's decision. However, disallowance u/s 36(1)(iii) for interest was deleted as the assessee demonstrated availability of sufficient interest-free funds.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4879 
