Minimum alternate tax exclusions for pre-amendment banking companies and expatriate Indian branch salaries remain outside head office expenditure limi...
Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Penalty paid to RBI for breach of regulatory directions was treated as a regulatory levy and not as expenditure for an offence or infraction of law under Explanation 2 to section 37(1), so the deduction was allowed. CSR expenditure was disallowed because the record did not show that it exceeded the statutory CSR obligation, and prior decisions based on the pre-amendment position did not apply after insertion of Explanation 2. The Tribunal also reiterated that appellate authorities can entertain fresh claims not made before the Assessing Officer, so the bad-debt recovery issue was remitted to the Commissioner (Appeals) and the PSLC taxability issue was remitted to the Assessing Officer for fresh adjudication.
Penalty paid to RBI for breach of regulatory directions was treated as a regulatory levy and not as expenditure for an offence or infraction of law under Explanation 2 to section 37(1), so the deduction was allowed. CSR expenditure was disallowed because the record did not show that it exceeded the statutory CSR obligation, and prior decisions based on the pre-amendment position did not apply after insertion of Explanation 2. The Tribunal also reiterated that appellate authorities can entertain fresh claims not made before the Assessing Officer, so the bad-debt recovery issue was remitted to the Commissioner (Appeals) and the PSLC taxability issue was remitted to the Assessing Officer for fresh adjudication.
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