Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
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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