Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
Transfer-pricing methodology protects commercially genuine associated-enterprise payments, while pre-2016 secondary adjustments and related notional i...
Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
Cross-examination rights in Customs Broker revocation inquiries require witness examination; procedural denial may be cured through fresh adjudication...
The ITAT dismissed the Revenue's appeals challenging the assessee bank's treatment of amortization of premium on HTM securities, holding it appropriate to amortize over the holding period in line with RBI guidelines. Disallowances relating to depreciation on investments, venture capital fund investments, and MTM derivatives were rejected, reaffirming prior Tribunal and Supreme Court precedents that found no escapement of income. The disallowance of inter-office adjustments was also dismissed, recognizing these as reconciled internal entries. Additions under section 14A read with Rule 8D concerning exempt income were negated following Delhi High Court rulings. Depreciation on goodwill was allowed as an intangible asset under section 32(1). Contributions to the pension fund were upheld as deductible business expenses under section 43B. Finally, the claim under section 36(1)(viii) for advances granted for eligible business purposes was allowed subject to quantification by the AO as directed by the CIT(A).
The ITAT dismissed the Revenue's appeals challenging the assessee bank's treatment of amortization of premium on HTM securities, holding it appropriate to amortize over the holding period in line with RBI guidelines. Disallowances relating to depreciation on investments, venture capital fund investments, and MTM derivatives were rejected, reaffirming prior Tribunal and Supreme Court precedents that found no escapement of income. The disallowance of inter-office adjustments was also dismissed, recognizing these as reconciled internal entries. Additions under section 14A read with Rule 8D concerning exempt income were negated following Delhi High Court rulings. Depreciation on goodwill was allowed as an intangible asset under section 32(1). Contributions to the pension fund were upheld as deductible business expenses under section 43B. Finally, the claim under section 36(1)(viii) for advances granted for eligible business purposes was allowed subject to quantification by the AO as directed by the CIT(A).
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
