Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
ITAT upheld the disallowance of a claimed "depreciation" recharge for occupancy expenses, finding the taxpayer neither owned nor expended on the leasehold asset and holding such recharges non-deductible under s.32/s.37(1). The Tribunal deleted the addition relating to RSU/ESOP expenditure. An intimation addition concerning leave encashment/bonus was remitted for AO action on the pending s.154 rectification. CCDs issued to associated enterprises were held to be debt until conversion; interest thereon is prima facie allowable and transfer-pricing treatment was restored to the TPO/AO for de novo benchmarking and ALP determination (section 94B contentions kept open). TDS credit and s.234A/234B interest issues were remitted to the AO for verification and consequential action in accordance with law.
ITAT upheld the disallowance of a claimed "depreciation" recharge for occupancy expenses, finding the taxpayer neither owned nor expended on the leasehold asset and holding such recharges non-deductible under s.32/s.37(1). The Tribunal deleted the addition relating to RSU/ESOP expenditure. An intimation addition concerning leave encashment/bonus was remitted for AO action on the pending s.154 rectification. CCDs issued to associated enterprises were held to be debt until conversion; interest thereon is prima facie allowable and transfer-pricing treatment was restored to the TPO/AO for de novo benchmarking and ALP determination (section 94B contentions kept open). TDS credit and s.234A/234B interest issues were remitted to the AO for verification and consequential action in accordance with law.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
