Interest under section 40 of Black Money Act is unsustainable where foreign source was disclosed and tax statutory exemptions apply. Issue Whether interest under section 40(1) can be levied when a foreign source is disclosed in the return filed under section 139(1) and the dispute relates only to the quantum of income. Whether interest under… Read More »
Disallowance under section 40(a)(ia) and 40(a)(i) is unsustainable as TDS provisions were not applicable. Issue Whether section 40(a)(ia) can be invoked for player winnings payouts that were never claimed as deductible expenditure in the Profit and Loss account, and whether the ₹10,000 threshold under section 194B applies per individual payment rather than aggregate wallet balance.… Read More »
Interest Paid To Foreign HO Deductible, Hedging Capital Gains Exempt, Refund Interest Taxed At DTAA Capped Rate Issue Whether interest paid by an Indian Permanent Establishment (PE) to its foreign Head Office (HO) and overseas branches is allowable as a deductible expense. Whether Transfer Pricing adjustment for guarantee commission under internal CUP should be restricted… Read More »
Section 40(a)(i) Disallowance Upheld On MFN Withdrawal, Goodwill Depreciation, POS Charges, Software Depreciation, Section 80JJAA Allowed Issue Whether the disallowance under Section 40(a)(i) for export commission, depreciation on goodwill and software, revenue deduction for land development and Principal Only Swap (POS) charges, Section 14A disallowance limits, and Section 80JJAA benefits for newly employed workmen are… Read More »
Hospital Operating Modern Facilities and Earning Surplus Retains Section 2(15) Charitable Character Issue Whether running a modern, tertiary-care hospital with premium facilities, significant receipts, and operational surplus alters the charitable character of “medical relief” under Section 2(15) or invalidates Section 12AB registration. Whether alleged non-compliance with indigent patient bed reservation under Section 41AA of the… Read More »
Unexplained Demonetized Cash Deposits And Subsequent RTGS Transfers From Unknown Entities Constitute Benami Transactions Under PBPT Act Issue Whether unexplained deposits of demonetized currency and subsequent RTGS transfers into a proprietorship’s bank account from unknown entities, unsupported by independent trade evidence, constitute a ‘benami transaction’ under Section 2(9) read with Section 2(26), justifying provisional attachment… Read More »