Advance pricing agreement methodology can guide benchmarking for non-covered years when functions, assets, risks and activities remain materially unch...
Tax-audit exemption for substantially State-funded educational universities prevents audit-failure penalties where income qualifies for statutory exem...
Functional, asset and risk analysis excludes diversified technology companies from captive software development comparables under cost-plus arrangemen...
Mobile-phone electronic evidence failed to establish customs undervaluation, while duty survived on non-authentic origin certificates without importer...
Automotive radio classification treats integrated infotainment features as supplementary, placing complete and qualifying unassembled units under the ...
Separate corporate personality prevents directors from being personally liable for company deposits without a guarantee or independent legal undertaki...
Section 41(1) applies only where the taxpayer obtains a benefit during the relevant year through remission or cessation of a trading liability previously allowed as a deduction. Age of a liability, absent creditor confirmation, lack of recovery action or expiry of limitation does not establish cessation where the liability remains acknowledged in the accounts; subsequent payment may confirm that it continued at year-end. Advance-tax interest for a company remains mandatory but must be calculated on tax due on returned income, subject to statutory adjustments and credit for tax deducted at source and advance tax, rather than on subsequently assessed income.
Section 41(1) applies only where the taxpayer obtains a benefit during the relevant year through remission or cessation of a trading liability previously allowed as a deduction. Age of a liability, absent creditor confirmation, lack of recovery action or expiry of limitation does not establish cessation where the liability remains acknowledged in the accounts; subsequent payment may confirm that it continued at year-end. Advance-tax interest for a company remains mandatory but must be calculated on tax due on returned income, subject to statutory adjustments and credit for tax deducted at source and advance tax, rather than on subsequently assessed income.
Note: It is a system-generated summary and is for quick reference only.