Business upkeep expenses despite no revenue, director's interest-free advances, and property gift additions-disallowances and notional interest delete...
Insolvency resolution plan's loan assignment between approving and dissenting creditors: post-approval redistribution blocked; original distribution e...
Page of 4817
Press 'Enter' after typing page number.
7741 to 7760 of 96333 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
SC held that Section 44C applies to all "head office expenditure" of a non-resident, whether common or incurred exclusively for Indian branches, thereby subjecting such expenditure to the statutory ceiling. It rejected the restrictive construction excluding exclusive expenditure and disapproved the contrary view of the Bombay HC in Emirates Commercial Bank as not laying down the correct law. SC clarified that the statutory Explanation, read with the mischief rule, is broad and inclusive, and the term "attributable" does not create a common/exclusive dichotomy. The question of law was answered in favour of the Revenue, and the matters were remanded to ITAT for limited verification under the tripartite test.
SC held that Section 44C applies to all "head office expenditure" of a non-resident, whether common or incurred exclusively for Indian branches, thereby subjecting such expenditure to the statutory ceiling. It rejected the restrictive construction excluding exclusive expenditure and disapproved the contrary view of the Bombay HC in Emirates Commercial Bank as not laying down the correct law. SC clarified that the statutory Explanation, read with the mischief rule, is broad and inclusive, and the term "attributable" does not create a common/exclusive dichotomy. The question of law was answered in favour of the Revenue, and the matters were remanded to ITAT for limited verification under the tripartite test.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
