Timely pronouncement of reserved judgments requires defined timelines, transparency measures, and remedial pathways to protect liberty and effective j...
Settlement-price depression requires proof of manipulation, not merely short exposure, late selling, or below-market orders, preserving disclosure pen...
Income Declaration Scheme declarations can evidence share-capital sources, while round-tripped funds and cash-linked credits require further verificat...
Permanent establishment tests: independent subsidiary premises and principal-to-principal dealings did not create Indian taxability for offshore suppl...
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Minimum alternate tax does not apply to a banking company governed by the Banking Regulation Act, 1949. Leave-salary or leave-encashment liability may accrue under mercantile accounting, but its deduction is deferred until actual payment; an unpaid provision is not deductible. An uninterrupted power supply used solely to support a computer system, without evidence of independent use, forms an integral part of that system and qualifies for depreciation at the computer-equipment rate. The tax treatment therefore excludes regulated banking companies from minimum alternate tax and allows the higher computer-equipment depreciation rate, while denying deduction for unpaid leave-encashment provisions.
Minimum alternate tax does not apply to a banking company governed by the Banking Regulation Act, 1949. Leave-salary or leave-encashment liability may accrue under mercantile accounting, but its deduction is deferred until actual payment; an unpaid provision is not deductible. An uninterrupted power supply used solely to support a computer system, without evidence of independent use, forms an integral part of that system and qualifies for depreciation at the computer-equipment rate. The tax treatment therefore excludes regulated banking companies from minimum alternate tax and allows the higher computer-equipment depreciation rate, while denying deduction for unpaid leave-encashment provisions.
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