Form 26AS evidence requires successor-entity accounting verification after business transfer, while invoice-supported related-party advertising expend...
Money-laundering judgment timing requires awaiting the scheduled-offence decision despite continuation of the underlying trial where outcomes directly...
Accredited investor eligibility expands through securities-market exposure, while alternative investment fund disputes require prescribed resolution a...
Customs Assessment Portal centralises classification and valuation guidance to support consistent, transparent and informed compliance across stakehol...
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The ITAT partially upheld the disallowance under section 40A(3), allowing cash payments of Rs. 1,10,000 and Rs. 23,655 related to legal and professional expenses for stamp paper purchase and IMFL lorry accident, respectively, as legitimate. However, other expenses supported only by ledger accounts without corresponding vouchers or bills, including travel expenses, were correctly disallowed. Regarding the adjustment of disallowance under section 14A while computing income under section 115JB for MAT purposes, the tribunal reaffirmed that no such adjustment is permissible in book profits, consistent with precedent from the jurisdictional High Court and Special Bench decisions favoring the assessee. Thus, the appeal was partly allowed in respect of the disallowed expenses and the MAT adjustment claim was rejected.
The ITAT partially upheld the disallowance under section 40A(3), allowing cash payments of Rs. 1,10,000 and Rs. 23,655 related to legal and professional expenses for stamp paper purchase and IMFL lorry accident, respectively, as legitimate. However, other expenses supported only by ledger accounts without corresponding vouchers or bills, including travel expenses, were correctly disallowed. Regarding the adjustment of disallowance under section 14A while computing income under section 115JB for MAT purposes, the tribunal reaffirmed that no such adjustment is permissible in book profits, consistent with precedent from the jurisdictional High Court and Special Bench decisions favoring the assessee. Thus, the appeal was partly allowed in respect of the disallowed expenses and the MAT adjustment claim was rejected.
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