Business support recruitment and training receipts qualify for presumptive business taxation, not professional taxation under technical consultancy ru...
Treaty exemption for foreign permanent-establishment management fees prevailed, while dividend expense disallowance remained limited to an accepted al...
Centralised assessment transfers: participation after requesting centralisation can bar technical jurisdictional challenges, while assessment disputes...
Binding precedent remains operative despite pending challenge, supporting deletion of interest disallowance when debt is converted into preference sha...
Government securities held to maturity by a bank are treated as stock-in-trade and may be valued at cost or market value, whichever is lower. Resulting revaluation loss is deductible. Bad debts actually written off in respect of non-rural advances remain deductible despite a provision for bad and doubtful debts relating to rural advances. The proviso to section 36(1)(vii) prevents double deduction for rural advances but does not restrict deductions for actual write-offs of non-rural debts.
Government securities held to maturity by a bank are treated as stock-in-trade and may be valued at cost or market value, whichever is lower. Resulting revaluation loss is deductible. Bad debts actually written off in respect of non-rural advances remain deductible despite a provision for bad and doubtful debts relating to rural advances. The proviso to section 36(1)(vii) prevents double deduction for rural advances but does not restrict deductions for actual write-offs of non-rural debts.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4913 
