S. 115JB : Book profit-Disallowance under substantive provision i.e. section 14A had been deleted by Tribunal is affirmed by High Court-SLP of Revenue is dismissed. [S. 14A, 260A, R.8D, Art. 136]
S. 115JB : Book profit-Disallowance under substantive provision i.e. section 14A had been deleted by Tribunal is affirmed by High Court-SLP of Revenue is dismissed. [S. 14A, 260A, R.8D, Art. 136]
S. 43B : Certain deductions only on actual payment-LIC Mutual Fund purchased unsecured debentures of assessee-company-Interest on unsecured debenture payable by assessee to LIC Mutual Fund is not covered by section 43B-Allowable as deduction.[S. 37(1), Companies Act 1956, S.4A, The Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (SEBI Mutual Funds Regulations), clause 2(q), Life Insurance Corporation Act, 1956. S. 3, Indian Trust Act, 1882, S.6]
S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Salary-Order giving effect to the order of Tribunal-Once Tribunal had accorded relief to assessee on account of payment of salary to expatriate employees in foreign currency and outside India, deduction was liable to be allowed by Assessing Officer-DTAA-India-Japan.[S. 254(1, Art. 7, Art. 226]
S. 37(1) : Business expenditure-Capital or Revenue-Lease hold building-Failure to produce any material-Capital expenditure-Depreciation is allowed. [S. 32(1), Explanation.]
S. 37(1) : Business expenditure-Compensation-Subsidiaries-Captive use-Allowable as revenue expenditure.[S. 260A]
S. 37(1) : Business expenditure-Capital or revenue-Pre operative expenditure-purchase and erection of plant and machinery-Allowable as revenue expenditure-Allowed earlier years and latter years-Rule of consistency is followed. [S. 145, 260A]
S. 37(1) : Business expenditure-Capital or revenue-Corporate Social Responsibility (CSR)-Amendment is not retrospective-Explanation 2 was inserted by the Finance Act, 2014 with effect from April 1, 2015 to section 37(1) of the Income-tax Act, 1961 and is prospective-SLP of Revenue is dismissed.[Art. 136]
S. 37(1) : Business expenditure-Compensation-Subsidiaries-Captive use-Delay of 526 days-SLP of Revenue is dismissed.[Art. 136]
S. 37(1) : Business expenditure-Capital or revenue-Software development-Allowable as revenue expenditure-SLP of Revenue expenditure.[Art. 136]
S. 36(1)(iii) : Interest on borrowed capital-Own interest free funds-Order of Tribunal deleting the disallowance is affirmed.[S.260A]