Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Disallowance of stamp duty/fees paid for increase in authorised share capital turned on whether the expenditure was claimed as a deductible revenue outlay. The tribunal found, from the balance sheet note on "other equity" and the tax audit report, that the amount was directly adjusted in retained earnings as share issue expenses and was not routed through the P&L account as revenue expenditure. Since no deduction had been claimed in computing taxable income, there was no basis for any disallowance. The disallowance was deleted and the appeal was allowed. - ITAT
Disallowance of stamp duty/fees paid for increase in authorised share capital turned on whether the expenditure was claimed as a deductible revenue outlay. The tribunal found, from the balance sheet note on "other equity" and the tax audit report, that the amount was directly adjusted in retained earnings as share issue expenses and was not routed through the P&L account as revenue expenditure. Since no deduction had been claimed in computing taxable income, there was no basis for any disallowance. The disallowance was deleted and the appeal was allowed. - ITAT
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