Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
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Paragraph (e) of the 1st Schedule to the Finance Act, 2018 permits a domestic company to be taxed at 25% for A.Y. 2018-19 if its total turnover or gross receipts for F.Y. 2015-16 do not exceed the prescribed threshold. The Tribunal noted that the return form for A.Y. 2018-19 did not provide a separate field for that earlier-year turnover, so the claim could not be denied merely for want of disclosure in the form. As the assessee relied on audited financial statements indicating turnover below the limit, the matter required verification of those financials and other relevant material by the Assessing Officer. The impugned order was set aside and the issue remanded for such verification.
Paragraph (e) of the 1st Schedule to the Finance Act, 2018 permits a domestic company to be taxed at 25% for A.Y. 2018-19 if its total turnover or gross receipts for F.Y. 2015-16 do not exceed the prescribed threshold. The Tribunal noted that the return form for A.Y. 2018-19 did not provide a separate field for that earlier-year turnover, so the claim could not be denied merely for want of disclosure in the form. As the assessee relied on audited financial statements indicating turnover below the limit, the matter required verification of those financials and other relevant material by the Assessing Officer. The impugned order was set aside and the issue remanded for such verification.
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