SEZ-unit profit deduction covers voluntary transfer-pricing adjustments, while exempt-income costs, foreign-exchange loss and ITeS comparables are exa...
Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
ITAT adjudicated multiple taxation issues involving property-related income and interest deductions. The tribunal held that: (1) reassessment notice issued to a non-existing entity was null and void, quashing the re-assessment order; (2) pre-construction interest deduction under Section 24(b) was allowable for the entire Rs. 30 Crore loan utilized for property acquisition, rejecting proportionate disallowance; (3) maintenance charges from lessees were correctly classified as business income; and (4) loan substitution for property acquisition was acceptable, permitting interest deduction when nexus between loan and property was established. The tribunal ultimately confirmed the lower appellate authority's order in favor of the assessee.
ITAT adjudicated multiple taxation issues involving property-related income and interest deductions. The tribunal held that: (1) reassessment notice issued to a non-existing entity was null and void, quashing the re-assessment order; (2) pre-construction interest deduction under Section 24(b) was allowable for the entire Rs. 30 Crore loan utilized for property acquisition, rejecting proportionate disallowance; (3) maintenance charges from lessees were correctly classified as business income; and (4) loan substitution for property acquisition was acceptable, permitting interest deduction when nexus between loan and property was established. The tribunal ultimately confirmed the lower appellate authority's order in favor of the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
