Programme production and copyright assignment can be separately taxed when the agreement shows distinct production activity on behalf of the broadcast...
Transshipment permission for courier import goods granted subject to customs supervision, bond compliance, sealing, escort and destination acknowledgm...
Provision for a society Cadre Fund was held deductible as business expenditure under section 37 because it constituted a present obligation under AS 29, with probable outflow and reliable estimation, and therefore was not a contingent liability. Applying Bharat Earth Movers, the Tribunal held that a business liability once incurred and reasonably estimable remains deductible even if discharged later. The Tribunal also relied on consistent accounting treatment, prior departmental acceptance, and coordinate-bench precedents on identical facts, and found the disallowance unsustainable. The addition was directed to be deleted.
Provision for a society Cadre Fund was held deductible as business expenditure under section 37 because it constituted a present obligation under AS 29, with probable outflow and reliable estimation, and therefore was not a contingent liability. Applying Bharat Earth Movers, the Tribunal held that a business liability once incurred and reasonably estimable remains deductible even if discharged later. The Tribunal also relied on consistent accounting treatment, prior departmental acceptance, and coordinate-bench precedents on identical facts, and found the disallowance unsustainable. The addition was directed to be deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
