Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
ITAT adjudicated multiple tax issues for the assessee, rendering key decisions: On bad debt deduction, ITAT held that claiming ascertained bad debt in the current assessment year is permissible, considering the tax rate remained consistent across fiscal years. The tribunal allowed the assessee's claim, finding no procedural bar in claiming the deduction. Regarding data field costs, ITAT determined these expenditures constitute direct business expenses correlated with market research fees. The tribunal accepted the assessee's submission, noting the expenditures were duly audited and represented legitimate operational costs. In transfer pricing matters, ITAT directed the AO/TPO to include a profitable comparable company in the economic analysis, rejecting persistent loss criteria. The tribunal also declined to treat provisions written back as operating income, emphasizing insufficient demonstration of direct business linkage.
ITAT adjudicated multiple tax issues for the assessee, rendering key decisions: On bad debt deduction, ITAT held that claiming ascertained bad debt in the current assessment year is permissible, considering the tax rate remained consistent across fiscal years. The tribunal allowed the assessee's claim, finding no procedural bar in claiming the deduction. Regarding data field costs, ITAT determined these expenditures constitute direct business expenses correlated with market research fees. The tribunal accepted the assessee's submission, noting the expenditures were duly audited and represented legitimate operational costs. In transfer pricing matters, ITAT directed the AO/TPO to include a profitable comparable company in the economic analysis, rejecting persistent loss criteria. The tribunal also declined to treat provisions written back as operating income, emphasizing insufficient demonstration of direct business linkage.
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