Concessional Basic Customs Duty on Ethernet switches: classification as enterprise switches upheld, challenge dismissed for lack of substantial law qu...
Insolvency petition based on admitted debt and default upheld; challenge for malicious initiation rejected, settlement may proceed under resolution fr...
Quashing of FIR and challenge to ECIR over alleged diversion of funds and preferential ESOP pricing dismissed after prima facie money-laundering findi...
Disallowance under section 14A/Rule 8D: Rule 8D disallowance must be computed only with reference to investments that actually yielded exempt income, and AO is directed to recompute disallowance at 1% of the monthly average of those exempt-income-yielding investments - disallowance restricted accordingly. Disallowance added to book profit u/s 115JB: Clause (f) of Explanation 1 to s.115JB is to be computed without applying s.14A/Rule 8D, therefore the 14A addition to book profit is deleted. Interest on borrowings for interest-free advances: where own non-interest funds cover advances, no disallowance of borrowed interest - addition deleted. Vastu payments/depreciation: recurring large payments not for business purpose - addition upheld (disallowed). Government subsidy: treated as income under amended law - appeal dismissed. Royalty: deductible only on actual payment under s.43B - confirmed. Leave-encashment provision for 115JB: remitted to AO to decide under Explanation (1). Interest on belated TDS: allowed in computing book profit. 80IA transfer-pricing adjustment: deleted. SBN deposits u/s 68: remitted to AO for verification; matter allowed for statistical purposes. - ITAT
Disallowance under section 14A/Rule 8D: Rule 8D disallowance must be computed only with reference to investments that actually yielded exempt income, and AO is directed to recompute disallowance at 1% of the monthly average of those exempt-income-yielding investments - disallowance restricted accordingly. Disallowance added to book profit u/s 115JB: Clause (f) of Explanation 1 to s.115JB is to be computed without applying s.14A/Rule 8D, therefore the 14A addition to book profit is deleted. Interest on borrowings for interest-free advances: where own non-interest funds cover advances, no disallowance of borrowed interest - addition deleted. Vastu payments/depreciation: recurring large payments not for business purpose - addition upheld (disallowed). Government subsidy: treated as income under amended law - appeal dismissed. Royalty: deductible only on actual payment under s.43B - confirmed. Leave-encashment provision for 115JB: remitted to AO to decide under Explanation (1). Interest on belated TDS: allowed in computing book profit. 80IA transfer-pricing adjustment: deleted. SBN deposits u/s 68: remitted to AO for verification; matter allowed for statistical purposes. - ITAT
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