Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Page of 4786
Press 'Enter' after typing page number.
121 to 140 of 95715 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
ITAT held that the notional foreign exchange gain arising on conversion of a Euro loan to a foreign subsidiary as at the balance-sheet date is capital and notional, and therefore not taxable income; the Assessing Officer's addition under ICDS VI was deleted and the CIT(A)'s order upheld. Expenditure incurred to obtain USFDA approval for clinical trials, including costs of supplying both bare and drug-eluting stents, was held to be wholly and exclusively for business under s.37(1) and allowed. The AO's reliance on a lesser notice period under s.148A(b) was found inapplicable on the facts; revenue's appeal dismissed.
ITAT held that the notional foreign exchange gain arising on conversion of a Euro loan to a foreign subsidiary as at the balance-sheet date is capital and notional, and therefore not taxable income; the Assessing Officer's addition under ICDS VI was deleted and the CIT(A)'s order upheld. Expenditure incurred to obtain USFDA approval for clinical trials, including costs of supplying both bare and drug-eluting stents, was held to be wholly and exclusively for business under s.37(1) and allowed. The AO's reliance on a lesser notice period under s.148A(b) was found inapplicable on the facts; revenue's appeal dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4786
Join Channel
TaxTMI 
