https://www.taxtmi.com/caselaws?id=775791 The HC upheld the Tribunal's findings against the revenue on multiple issues. Foreign payments for export commission were not taxable as services were rendered abroad, consistent with SC precedent. Market-to-market losses on forward contracts were allowed following prior HC rulings. Liquidated damages received for supplier delays were treated as capital receipts, not business income. Disallowance under Section 14A read with Rule 8D was affirmed, rejecting revenue's reliance on recent amendments. Advances written off to farmers were upheld as trade advances with no substantial question. Interest paid and received from the same party was allowed to be set off. Patent registration charges were held to be revenue expenditure, not capital. Legal expenses for business protection were also held revenue in nature. All substantial questions of law were decided against the revenue. en-us Mon, 21 Jul 2025 00:00:00 +0530 Thu, 31 Jul 2025 08:17:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775791 The HC upheld the Tribunal's findings against the revenue on multiple issues. Foreign payments for export commission were not taxable as services were rendered abroad, consistent with SC precedent. Market-to-market losses on forward contracts were allowed following prior HC rulings. Liquidated damages received for supplier delays were treated as capital receipts, not business income. Disallowance under Section 14A read with Rule 8D was affirmed, rejecting revenue's reliance on recent amendments. Advances written off to farmers were upheld as trade advances with no substantial question. Interest paid and received from the same party was allowed to be set off. Patent registration charges were held to be revenue expenditure, not capital. Legal expenses for business protection were also held revenue in nature. All substantial questions of law were decided against the revenue. Case-Laws Income Tax Mon, 21 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775791