GST turnover reconciliation prevents gross-profit additions where duplicate reporting, rather than off-book sales, explains the reported turnover diff...
Mandatory limitation for final assessments runs from electronic directions under the special statutory timeline, overriding general assessment time li...
Managing director performance commission qualifies as deductible remuneration where it reflects services, salary taxation, declared dividends, and con...
ITAT adjudicated two primary issues: IPO expenditure and excise duty subsidy classification. On IPO expenditure, the tribunal allowed 92% as revenue expenditure under section 35D, permitting capital portion of share issue expenses. Regarding excise duty subsidy, the tribunal determined the receipt as capital in nature, not taxable, based on legislative intent and judicial precedents. The tribunal rejected revenue's contention, holding that absence of explicit "exemption" terminology in Section 2(24)(xviii) precludes treating the subsidy as revenue receipt. Consequently, the excise duty exemption was classified as capital receipt for Assessment Year 2016-17, not chargeable to tax, and excluded from Minimum Alternate Tax (MAT) computation under Section 115JB.
ITAT adjudicated two primary issues: IPO expenditure and excise duty subsidy classification. On IPO expenditure, the tribunal allowed 92% as revenue expenditure under section 35D, permitting capital portion of share issue expenses. Regarding excise duty subsidy, the tribunal determined the receipt as capital in nature, not taxable, based on legislative intent and judicial precedents. The tribunal rejected revenue's contention, holding that absence of explicit "exemption" terminology in Section 2(24)(xviii) precludes treating the subsidy as revenue receipt. Consequently, the excise duty exemption was classified as capital receipt for Assessment Year 2016-17, not chargeable to tax, and excluded from Minimum Alternate Tax (MAT) computation under Section 115JB.
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TaxTMI 
TaxTMI 
of 4935 
