Road restoration charges constitute taxable services when requested for commercial pipeline activity, requiring reverse-charge GST from the business r...
Interest on delayed release of requisitioned cash includes statutory pre-assessment interest and restitutionary compensation for unlawful post-assessm...
Incomplete inventory records justify rejecting accounts, while profit estimation requires relevant comparable material and interest falls under other ...
Transfer-pricing comparability requires functional alignment; delayed associated-enterprise receivables need separate LIBOR-based benchmarking, while ...
Extended reassessment limitation in search cases requires asset-linked escaped income, invalidating additions based only on unexplained money or expen...
Enhanced tolerance band under section 43CA applies retrospectively, deleting qualifying deemed-sale additions while disputed stamp valuation requires ...
Vehicle expenses and depreciation for cars registered in a director's name were restricted by 25% because no logbook or equivalent evidence excluded personal use and the company funded loan margin money; prior-year non-disallowance did not create res judicata in income-tax proceedings. Interest disallowance on borrowings was deleted because the interest-free advance's source and the loans' use, repayment and purpose had been explained, while the assessment lacked reasoned consideration. Rent paid for the director's residence remained deductible, with the accommodation taxable as a perquisite in the director's assessment. Penal interest for delayed loan instalments remained deductible as compensatory contractual expenditure, not an offence-related or legally prohibited payment.
Vehicle expenses and depreciation for cars registered in a director's name were restricted by 25% because no logbook or equivalent evidence excluded personal use and the company funded loan margin money; prior-year non-disallowance did not create res judicata in income-tax proceedings. Interest disallowance on borrowings was deleted because the interest-free advance's source and the loans' use, repayment and purpose had been explained, while the assessment lacked reasoned consideration. Rent paid for the director's residence remained deductible, with the accommodation taxable as a perquisite in the director's assessment. Penal interest for delayed loan instalments remained deductible as compensatory contractual expenditure, not an offence-related or legally prohibited payment.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4910 
