Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
Medical reimbursement up to Rs. 15,000 per employee per annum was held not liable to Fringe Benefit Tax in the employer's hands because a tax charge must rest on clear charging language and cannot be imposed by implication. The Court followed the Karnataka High Court's view that the amount exempt in the employee's hands under the relevant income-tax provision is not subject to FBT, while any reimbursement above that limit may attract tax. The assessment orders levying FBT on reimbursements up to the threshold were set aside.
Medical reimbursement up to Rs. 15,000 per employee per annum was held not liable to Fringe Benefit Tax in the employer's hands because a tax charge must rest on clear charging language and cannot be imposed by implication. The Court followed the Karnataka High Court's view that the amount exempt in the employee's hands under the relevant income-tax provision is not subject to FBT, while any reimbursement above that limit may attract tax. The assessment orders levying FBT on reimbursements up to the threshold were set aside.
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