https://www.taxtmi.com/caselaws?id=459091 The ITAT Mumbai ruled on multiple issues involving a pharmaceutical company. The tribunal held that Indian companies cannot invoke DTAA provisions for dividend distribution tax under section 115O, rejecting the assessee's arguments. Following the Supreme Court's Apex Laboratories precedent, the tribunal disallowed payments to doctors for medical books, journals, and conference fees as these violated IMC regulations prohibiting freebies from pharmaceutical companies. The tribunal remanded issues regarding undisclosed income based on AIR data discrepancies and depreciation on goodwill from amalgamation for fresh examination by the assessing officer. The bad debt write-off was upheld, while section 35DD deduction claims were partially dismissed due to insufficient supporting evidence. en-us Fri, 22 Sep 2023 00:00:00 +0530 Fri, 29 Nov 2024 18:59:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459091 The ITAT Mumbai ruled on multiple issues involving a pharmaceutical company. The tribunal held that Indian companies cannot invoke DTAA provisions for dividend distribution tax under section 115O, rejecting the assessee's arguments. Following the Supreme Court's Apex Laboratories precedent, the tribunal disallowed payments to doctors for medical books, journals, and conference fees as these violated IMC regulations prohibiting freebies from pharmaceutical companies. The tribunal remanded issues regarding undisclosed income based on AIR data discrepancies and depreciation on goodwill from amalgamation for fresh examination by the assessing officer. The bad debt write-off was upheld, while section 35DD deduction claims were partially dismissed due to insufficient supporting evidence. Case-Laws Income Tax Fri, 22 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459091