Tax determination against deceased proprietor invalid where no notice to legal representative; appeal rejected without addressing jurisdictional defec...
Revocation of GST registration and permission to file blocked returns; conditional defreezing of bank accounts after security and instalment applicati...
Right to access seized electronic evidence: impugned adjudication treated as additional show cause notice, remand for fresh hearing and return of mate...
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Whether the payment made to a stock exchange for shortfall in margin money constitutes an inadmissible "penalty" disallowable under s. 37 was the dominant issue. Relying on binding precedent holding that such sums are compensatory in nature and incurred in the course of business, the tribunal held that the payment cannot be treated as an offence-related penalty attracting disallowance under s. 37. Consequently, the disallowance sustained by the first appellate authority was set aside and the deduction was allowed. - ITAT
Whether the payment made to a stock exchange for shortfall in margin money constitutes an inadmissible "penalty" disallowable under s. 37 was the dominant issue. Relying on binding precedent holding that such sums are compensatory in nature and incurred in the course of business, the tribunal held that the payment cannot be treated as an offence-related penalty attracting disallowance under s. 37. Consequently, the disallowance sustained by the first appellate authority was set aside and the deduction was allowed. - ITAT
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