Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
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The HC upheld the factual findings of the ITAT and CIT(A) that construction commenced after 1st October 1998, entitling the assessee to claim deduction under section 80IB(10), subject to other conditions. Regarding disallowance under section 14A read with Rule 8D, the HC concurred with the ITAT that Rule 8D applies prospectively from AY 2008-09 onwards. Consequently, the CIT(A)'s restriction of disallowance to 10% of exempt income was upheld as valid. The Court found no substantial question of law warranting interference, affirming the lower authorities' decisions on both issues.
The HC upheld the factual findings of the ITAT and CIT(A) that construction commenced after 1st October 1998, entitling the assessee to claim deduction under section 80IB(10), subject to other conditions. Regarding disallowance under section 14A read with Rule 8D, the HC concurred with the ITAT that Rule 8D applies prospectively from AY 2008-09 onwards. Consequently, the CIT(A)'s restriction of disallowance to 10% of exempt income was upheld as valid. The Court found no substantial question of law warranting interference, affirming the lower authorities' decisions on both issues.
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