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Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
The ITAT delivered a comprehensive ruling addressing multiple tax issues. The key outcome was favorable to the taxpayer on several counts: deduction under section 36(1)(viii) was allowed for infrastructure loans and securitization income; disallowance under section 14A was restricted due to sufficient owned funds; club membership fees were deemed revenue expenditure; FCCB issue expenses were allowed as revenue expenditure; and penalty under 271(1)(c) was deleted. The Tribunal rejected pro-rata allocation for section 80M dividend deduction and upheld the taxpayer's right to set off short-term capital losses against higher-taxed gains. For bad debts claims, verification was directed to ensure linkage with provisions created up to March 31, 2016. The ruling maintained consistency with established precedents while providing specific guidance on technical aspects of various provisions.
The ITAT delivered a comprehensive ruling addressing multiple tax issues. The key outcome was favorable to the taxpayer on several counts: deduction under section 36(1)(viii) was allowed for infrastructure loans and securitization income; disallowance under section 14A was restricted due to sufficient owned funds; club membership fees were deemed revenue expenditure; FCCB issue expenses were allowed as revenue expenditure; and penalty under 271(1)(c) was deleted. The Tribunal rejected pro-rata allocation for section 80M dividend deduction and upheld the taxpayer's right to set off short-term capital losses against higher-taxed gains. For bad debts claims, verification was directed to ensure linkage with provisions created up to March 31, 2016. The ruling maintained consistency with established precedents while providing specific guidance on technical aspects of various provisions.
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