Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets...
Exclusion of limitation period: pandemic suspension plus debtor acknowledgement can extend limitation, requiring fresh factfinding on guarantee invoca...
Ad hoc capitalization of advertisement, publicity and sales promotion expenditure was found unsustainable because no tangible basis showed creation of a capital asset or brand-building benefit; the expenditure remained revenue in nature. TDS credit was held to follow the income actually offered to tax under the contract period, so a mismatch between TDS reflected and income assessable in the year could not justify an addition where section 199(3) and Rule 37BA(3)(i) were correctly applied. Interest under section 244A was not taxable on accrual basis because income accrues only when there is an enforceable right to receive it, and the amount had not actually become receivable in the relevant year.
Ad hoc capitalization of advertisement, publicity and sales promotion expenditure was found unsustainable because no tangible basis showed creation of a capital asset or brand-building benefit; the expenditure remained revenue in nature. TDS credit was held to follow the income actually offered to tax under the contract period, so a mismatch between TDS reflected and income assessable in the year could not justify an addition where section 199(3) and Rule 37BA(3)(i) were correctly applied. Interest under section 244A was not taxable on accrual basis because income accrues only when there is an enforceable right to receive it, and the amount had not actually become receivable in the relevant year.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
