International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
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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