Tax determination against deceased proprietor invalid where no notice to legal representative; appeal rejected without addressing jurisdictional defec...
Revocation of GST registration and permission to file blocked returns; conditional defreezing of bank accounts after security and instalment applicati...
Right to access seized electronic evidence: impugned adjudication treated as additional show cause notice, remand for fresh hearing and return of mate...
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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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