Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
Page of 4828
Press 'Enter' after typing page number.
161 to 180 of 96556 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The ITAT held that interest on delayed payment of GST, VAT, and CST qualifies as allowable business expenditure under section 37(1) of the Act, being compensatory in nature. Similarly, interest and penalty arising from non-fulfillment of advance license obligations are deductible under section 37(1). Regarding the loss on sale of a motor car cascade trailer, the Tribunal clarified that section 41(2) applies only to entities using the straight-line method for depreciation in power generation businesses; since the assessee follows the written down value method with block of assets, the loss constitutes a short-term capital loss (STCL) under section 50. As per amendments to sections 70 and 71, STCL cannot be set off against business income. Consequently, the disallowance of loss adjustment against business income was upheld, affirming the CIT(A)'s decision.
The ITAT held that interest on delayed payment of GST, VAT, and CST qualifies as allowable business expenditure under section 37(1) of the Act, being compensatory in nature. Similarly, interest and penalty arising from non-fulfillment of advance license obligations are deductible under section 37(1). Regarding the loss on sale of a motor car cascade trailer, the Tribunal clarified that section 41(2) applies only to entities using the straight-line method for depreciation in power generation businesses; since the assessee follows the written down value method with block of assets, the loss constitutes a short-term capital loss (STCL) under section 50. As per amendments to sections 70 and 71, STCL cannot be set off against business income. Consequently, the disallowance of loss adjustment against business income was upheld, affirming the CIT(A)'s decision.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
