NPCI-based bank account validation for IEC applications and modifications enables real-time validation; incorrect details block submission or trigger ...
Creation/Invocation of pledge of securities through depository system: standardized pledge forms, notice requirement and invocation notifications to p...
Calendar Spread margin benefit for Single Stock Derivatives suspended on expiry day for expiring contracts; exchanges must implement systems and rule ...
Proportionate interest, unexplained credits and partner remuneration disputed; proofs of fund nexus and lender identity were decisive and disallowance...
Capital gains valuation from stamp assessment versus net consideration for residential reinvestment: deemed stamp value replaced for gains but not for...
Computation of insurance business profits must follow the statutory method under the Income-tax law and First Schedule, with Rule 5 addressing expenditures inadmissible under statutory heads; management expenses reallocated to shareholders under IRDA regulations remain incurred wholly and exclusively for business and are deductible despite exceeding regulatory ceilings. Explanation to the general deductibility rule does not apply where the excess is an accounting reallocation mandated by insurance regulations rather than an unlawful or non-business purpose. Consequently, tax disallowance of such excess management expenses was deleted and any penalty based solely on that addition was cancelled.
Computation of insurance business profits must follow the statutory method under the Income-tax law and First Schedule, with Rule 5 addressing expenditures inadmissible under statutory heads; management expenses reallocated to shareholders under IRDA regulations remain incurred wholly and exclusively for business and are deductible despite exceeding regulatory ceilings. Explanation to the general deductibility rule does not apply where the excess is an accounting reallocation mandated by insurance regulations rather than an unlawful or non-business purpose. Consequently, tax disallowance of such excess management expenses was deleted and any penalty based solely on that addition was cancelled.
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