Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Stock exchange charges for delivery, reporting, margin and other operational or procedural lapses were treated by the ITAT as non-statutory compensatory payments incurred to secure compliance under exchange bye-laws and regulations. Their description as penalties or fines in the tax audit report did not make them expenditure for an offence or a purpose prohibited by law under Explanation 1 to section 37(1); the disallowance was deleted. A deduction claim for health and education cess, made in good faith under prevailing jurisdictional High Court law, did not become under-reporting or misreporting merely because a later retrospective amendment disallowed it. The related penalty was therefore deleted.
Stock exchange charges for delivery, reporting, margin and other operational or procedural lapses were treated by the ITAT as non-statutory compensatory payments incurred to secure compliance under exchange bye-laws and regulations. Their description as penalties or fines in the tax audit report did not make them expenditure for an offence or a purpose prohibited by law under Explanation 1 to section 37(1); the disallowance was deleted. A deduction claim for health and education cess, made in good faith under prevailing jurisdictional High Court law, did not become under-reporting or misreporting merely because a later retrospective amendment disallowed it. The related penalty was therefore deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
