PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
ITAT adjudicated a tax dispute concerning expense allocation and deduction claims under Section 80IC. The tribunal remanded the matter to the Assessing Officer for detailed expense bifurcation between multiple business units, mandating pro-rata allocation for common expenses like audit fees and directors' remuneration. Regarding export incentives and other income, the tribunal interpreted "derived" income narrowly, holding that only directly attributable income from the industrial undertaking qualifies for deduction. The tribunal ultimately upheld the lower authorities' decision, directing consideration of net interest for computing Section 80IC deductions, while providing specific guidelines for expense allocation across different business units.
ITAT adjudicated a tax dispute concerning expense allocation and deduction claims under Section 80IC. The tribunal remanded the matter to the Assessing Officer for detailed expense bifurcation between multiple business units, mandating pro-rata allocation for common expenses like audit fees and directors' remuneration. Regarding export incentives and other income, the tribunal interpreted "derived" income narrowly, holding that only directly attributable income from the industrial undertaking qualifies for deduction. The tribunal ultimately upheld the lower authorities' decision, directing consideration of net interest for computing Section 80IC deductions, while providing specific guidelines for expense allocation across different business units.
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