Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
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...
HC held that client assistant charges paid to ICICI Bank Ltd constitute legitimate business expenditure. The court rejected revenue's disallowance of expenses, finding that: (1) sharing brokerage with ICICI Bank does not invalidate the expenditure, (2) the bank's deposit earnings cannot negate the assessee's legitimate business expense, and (3) the expenses were directly connected to the broking business infrastructure. Regarding notional losses, the court followed SC precedent in Suzlon Energy Ltd, allowing deductions based on conservative accounting principles. No substantial questions of law were identified, and both revenue's and assessee's proposed questions were consequently dismissed.
HC held that client assistant charges paid to ICICI Bank Ltd constitute legitimate business expenditure. The court rejected revenue's disallowance of expenses, finding that: (1) sharing brokerage with ICICI Bank does not invalidate the expenditure, (2) the bank's deposit earnings cannot negate the assessee's legitimate business expense, and (3) the expenses were directly connected to the broking business infrastructure. Regarding notional losses, the court followed SC precedent in Suzlon Energy Ltd, allowing deductions based on conservative accounting principles. No substantial questions of law were identified, and both revenue's and assessee's proposed questions were consequently dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
