Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequent...
Interest on delayed statutory payments was held allowable as compensatory in nature, so disallowance of interest on delayed PF, ESI and service tax payments was not sustained. Cash payment disallowance under section 40A(3) failed because the assessee produced books, labour records and attendance material, and no specific payment to a single person in a day above the statutory threshold was identified. Addition under section 68 was deleted because the receipts were found to be business advances from customers against supply of goods, not unexplained cash credits. The Revenue's challenge was dismissed and the appellate order was upheld.
Interest on delayed statutory payments was held allowable as compensatory in nature, so disallowance of interest on delayed PF, ESI and service tax payments was not sustained. Cash payment disallowance under section 40A(3) failed because the assessee produced books, labour records and attendance material, and no specific payment to a single person in a day above the statutory threshold was identified. Addition under section 68 was deleted because the receipts were found to be business advances from customers against supply of goods, not unexplained cash credits. The Revenue's challenge was dismissed and the appellate order was upheld.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4824 
Join Channel 
