ESOP expenses allowed; DDT at domestic rate upheld; EURIBOR valid for Euro receivables Case I: ESOP Expenses (Section 37(1)) Issue Whether expenses incurred by the assessee towards Employee Stock Option Plan (ESOP) compensation are allowable as revenue expenditure under Section 37(1) or should be disallowed as capital expenditure. Facts Business: The assessee distributes software products… Read More »
Wrong application of Sec 44AD for transporter corrected u/s 154; Sec 44AE applies for <10 trucks Issue Rectification Jurisdiction: Whether the application of Section 44AD instead of Section 44AE by the Assessing Officer (AO) constitutes a “mistake apparent from the record” rectifiable under Section 154, or if it is a debatable issue. Applicability of Presumptive… Read More »
Section 80P deduction allowed on late return for AY 2017-18; cash deposits verification remanded Issue Unexplained Cash Credits: Whether the Commissioner (Appeals) erred in confirming additions under Section 68 for cash deposits made during demonetization without considering the documentary evidence (KYC, member lists) submitted by the co-operative society. Section 80P Deduction: Whether the deduction under… Read More »
I. Loss from Section 10A units can be set off against other income Issue Whether the loss incurred by eligible units claiming deduction under Section 10A can be set off against the income of other units or other heads of income of the taxpayer. Decision Held: Yes. Reasoning: The provision under Section 10A is a… Read More »
Depreciation on Goodwill arising from amalgamation allowed for AY 2018-19 and 2020-21 Issue Whether the “Goodwill” recorded in the books of account, representing the excess consideration paid over the net assets taken over during an amalgamation, constitutes an “intangible asset” eligible for depreciation under Section 32 of the Income-tax Act, 1961. Facts The Scheme: The… Read More »
ESOP expenses and deferred time-share income allowed; Capital gains valuation remanded Case I: ESOP Expenses (Section 37(1)) Issue Whether the discount on Employee Stock Option Plan (ESOP)—representing the difference between the market price and the issue price—is an allowable business expenditure under Section 37(1). Facts Assessee: Engaged in running resorts and hotels. The Expense: The… Read More »
Structured gemology courses with formal curriculum qualify as ‘Education’ for Section 11 charitable exemption Issue Whether an institute imparting specialized training in gemology through a structured curriculum falls under the specific charitable head of “Education” or the residual head of “General Public Utility” (GPU), thereby attracting the restrictive proviso to Section 2(15). Facts Entity… Read More »
Property bought via shell entity funding without loan documentation held as benami transaction Issue Whether a property purchased by a company (DCPL) using funds received from another entity (RDPL), which sourced funds from shell companies, constitutes a “benami transaction” under Section 2(9) of the Prohibition of Benami Property Transactions Act, 1988, particularly when no… Read More »
Unlock Your Productivity: Build Custom AI Agents with Google Workspace Studio This video introduces Google Workspace Studio, a new platform that empowers users to create their own AI agents to automate everyday tasks and complex workflows without writing a single line of code. Democratizing AI AutomationGoogle Workspace Studio is a new hub designed to put… Read More »
CBIC Expedites Pre-GST Litigation in Bengaluru Zone Order Issued: The Central Board of Indirect Taxes and Customs (CBIC) has issued Order No. 06/2025 on November 28, 2025, to assign specific appellate cases filed on or after July 1, 2017, under the Central Excise Act, 1944, and Finance Act, 1994, to designated Central Excise Officers. Purpose:… Read More »