Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
Insurer's investment gains and investment write-downs face Section 263 revision; enquiry upheld, Rule 5(b)(ii) lapse sustained, late corrigendum quash...
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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