High Court Directs Specific Procedure for Handling Tax Returns of Judges Pending Final Writ Adjudication High Court Directs Specific Procedure for Handling Tax Returns of Judges Pending Final Writ Adjudication Issue Whether the interim order prohibiting the processing of income tax returns of High Court and Supreme Court Judges under the new tax regime (Section… Read More »
Unexplained Cash Deposits Cannot Claim Section 10(26) Exemption and Are Taxable Under Section 69A Issue Whether cash deposited in bank accounts by a Scheduled Tribe individual can be treated as exempt income under Section 10(26) when the assessee fails to establish a valid and verifiable source for such cash deposits. Facts Assessee Status: The assessee… Read More »
Addition Under Section 69 Unproductive When Immovable Property Purchases Are Recorded in Books Issue Whether an addition under Section 69 for unexplained investments can be made in the hands of a partnership firm when the acquisition of immovable properties is fully recorded in the firm’s books of account and funded through partners’ capital contributions. Facts… Read More »
TNMM Trumps RPM for Distributors Performing Value-Added Services; Double Taxation Issue Remanded for AO Verification Issue Whether Resale Price Method (RPM) can be applied instead of Transactional Net Margin Method (TNMM) as the Most Appropriate Method (MAM) when a distributor carries out extensive post-import value additions on medical equipment. Whether an amount credited to the… Read More »
Composite Non-Compete Consideration Amortizable as Deferred Revenue and Aborted Project Expenses Fully Allowable Issue Whether a composite consideration paid for the assignment of goodwill and restrictive non-compete covenants can be claimed as deferred revenue expenditure under Section 37(1), and whether preliminary expenses incurred for a business expansion project that was ultimately aborted are allowable as… Read More »
Requirement of Degree in Agricultural Science for Valuers of Agricultural Land Under Rule 8A(3) Is Constitutionally Valid Requirement of Degree in Agricultural Science for Valuers of Agricultural Land Under Rule 8A(3) Is Constitutionally Valid Issue Whether Rule 8A(3) of the Wealth-tax Rules, 1957, which mandates a degree in Agricultural Science for registration as a valuer… Read More »
Delay in Filing Appeal Condoned and Entire BSNL VRS 2019 Ex Gratia Exempt Under Section 10(10B) Issue Whether the CIT(A) erred in refusing to condone a 1540-day delay in filing an appeal, and whether ex gratia compensation received by a retired BSNL employee under the BSNL Voluntary Retirement Scheme (VRS), 2019 qualifies for full income… Read More »
Expatriate Salary Paid by Foreign Head Office Exclusively for Indian PE Is Fully Allowable Issue Whether expatriate salary expenditure initially paid by a foreign bank’s Head Office for employees working exclusively for its Indian Permanent Establishment (PE) constitutes “Head Office expenditure” under Section 44C, or if it is fully allowable as a business deduction under… Read More »