Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
ITAT allowed the appeal of Assessee A, holding that the adjustment u/s 143(1)(a) on account of alleged mismatch with the tax audit report, relating to gain on actuarial valuation of gratuity liability routed through Other Comprehensive Income, was unsustainable. ITAT observed that actuarial gains/losses recognized under Other Comprehensive Income do not affect taxable income, as they are not routed through the Profit & Loss A/c, and Assessee A follows the payment basis for claiming deduction of gratuity. Consequently, the addition made in intimation u/s 143(1)(a) was directed to be deleted. On the issue of short grant of interest u/s 244A, ITAT directed the AO to recompute interest up to the actual date of refund payment.
ITAT allowed the appeal of Assessee A, holding that the adjustment u/s 143(1)(a) on account of alleged mismatch with the tax audit report, relating to gain on actuarial valuation of gratuity liability routed through Other Comprehensive Income, was unsustainable. ITAT observed that actuarial gains/losses recognized under Other Comprehensive Income do not affect taxable income, as they are not routed through the Profit & Loss A/c, and Assessee A follows the payment basis for claiming deduction of gratuity. Consequently, the addition made in intimation u/s 143(1)(a) was directed to be deleted. On the issue of short grant of interest u/s 244A, ITAT directed the AO to recompute interest up to the actual date of refund payment.
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