PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
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Allowability of contractual damages claimed as expenses under section 37 was decided by ITAT: the Tribunal held that sums deducted by the government for late supply were compensatory damages for breach of contract and not payments for an "offence" or activity prohibited by law, so Explanation to section 37 did not apply. The Tribunal reasoned that mere failure to meet contractual timelines does not constitute a crime; the payments were incurred wholly and exclusively for business and therefore deductible as business expenditure, allowing the appeal and setting aside the disallowance.
Allowability of contractual damages claimed as expenses under section 37 was decided by ITAT: the Tribunal held that sums deducted by the government for late supply were compensatory damages for breach of contract and not payments for an "offence" or activity prohibited by law, so Explanation to section 37 did not apply. The Tribunal reasoned that mere failure to meet contractual timelines does not constitute a crime; the payments were incurred wholly and exclusively for business and therefore deductible as business expenditure, allowing the appeal and setting aside the disallowance.
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