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...
ITAT adjudicated two key tax issues involving a State Government undertaking. First, the tribunal upheld disallowance of guarantee commission paid to Kerala State Government under section 40(a)(iib), aligning with Supreme Court precedent that fees paid by State Government undertakings are non-deductible. Second, regarding provision for bad and doubtful debts, the tribunal remanded the matter to the Assessing Officer for reconsideration, directing a detailed examination of debt write-offs consistent with Supreme Court guidelines in Vijaya Bank case. The first ground was dismissed, while the second ground was partly allowed for statistical purposes, mandating a fresh assessment of deductibility criteria.
ITAT adjudicated two key tax issues involving a State Government undertaking. First, the tribunal upheld disallowance of guarantee commission paid to Kerala State Government under section 40(a)(iib), aligning with Supreme Court precedent that fees paid by State Government undertakings are non-deductible. Second, regarding provision for bad and doubtful debts, the tribunal remanded the matter to the Assessing Officer for reconsideration, directing a detailed examination of debt write-offs consistent with Supreme Court guidelines in Vijaya Bank case. The first ground was dismissed, while the second ground was partly allowed for statistical purposes, mandating a fresh assessment of deductibility criteria.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
