Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
Admissibility of Investigative Statements invalidated reliance on coerced emails and valuation redetermination, resulting in set aside of penalties an...
Classification of printed technical documents: specific Chapter 49.01 entry prevails, enabling claimed customs exemptions for imported manuals and rep...
Section 14A disallowance was rejected where the assessee's interest free own funds exceeded investments in tax exempt instruments, allowing a presumption those funds financed the investments. Expenditure incurred by overseas branches for NRI desks was held to be head office expenditure meeting the tripartite test and therefore subject to the limitation under the head office expenditure rule. Deduction under the business loss provision for bad and doubtful debts must be given effect before applying the head office expenditure limitation. TDS under the nonresident withholding rule arises only on credit or payment; where neither occurred no disallowance under the TDS penal disallowance rule was warranted. A lump sum transfer without asset wise valuation qualified as a slump sale, so the special net worth capital gains computation applies.
Section 14A disallowance was rejected where the assessee's interest free own funds exceeded investments in tax exempt instruments, allowing a presumption those funds financed the investments. Expenditure incurred by overseas branches for NRI desks was held to be head office expenditure meeting the tripartite test and therefore subject to the limitation under the head office expenditure rule. Deduction under the business loss provision for bad and doubtful debts must be given effect before applying the head office expenditure limitation. TDS under the nonresident withholding rule arises only on credit or payment; where neither occurred no disallowance under the TDS penal disallowance rule was warranted. A lump sum transfer without asset wise valuation qualified as a slump sale, so the special net worth capital gains computation applies.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
