S. 40(a)(i): Amounts not deductible-Deduction at source-Non-resident-Business expenditure-Reinsurance premium paid to non-resident reinsurers-Not chargeable to tax in India-No liability to deduct tax at source–Commission deducted by insurance companies from reinsurance premium-No payment by assessee-Tax deduction at source not applicable-Survey fees paid to non-resident surveyors-Services rendered outside India-Mere reimbursement-No tax deductible at source. [S.195]
S. 37(1): Business expenditure-Insurance business-Provision for IBNR and IBNER claims-Unascertained liability-Deduction not allowable-Amortisation of premium on securities-Disallowance upheld.
S. 37(1): Business expenditure-Legal and professional charges-Mere proof of payment through banking channels insufficient-Matter remanded for verification of services rendered.
S. 37(1): Business expenditure-Registrar of Companies fees for increase in authorised share capital-Increase for issue of bonus shares by capitalisation of reserves-Revenue expenditure allowable in full. [S. 35D]
S. 37(1) : Business expenditure-Portfolio Management Services (PMS) fees-Non-banking financial company engaged in investment and trading in securities-Fees paid to portfolio managers wholly and exclusively for business-Allowable as revenue expenditure-Delay of 101 days by Revenue-Delay in obtaining administrative approvals-Delay condoned.[S. 48, 254(1), ITAT R. 27]
S.32: Depreciation-Speculation business-No double deduction-Addition deleted.[S.73]
S.28(i) : Business loss-Loss on sale of shares-Addition based solely on Investigation Wing report-Documentary evidence supporting transactions-Disallowance deleted.
S. 14A : Disallowance of expenditure-Exempt income-Borrowed funds not utilised for investments-Interest disallowance deleted-Administrative expenditure sustained. [R. 8D(2)(ii), (iii)]
S.14A: Disallowance of expenditure-Exempt income-Interest-free funds exceeding investments-Strategic investments-Disallowance restricted to exempt income.[R. 8D]
S. 10A: Free trade zone-Software Technology Park unit-Brought-forward losses and unabsorbed depreciation of non-eligible unit not adjustable before allowing deduction.[S. 72]