Income Tax deduction Archives

Head office expenditure of non-resident, incurred outside India, even if exclusively for Indian branches, fall within S. 44-C of Income Tax Act: Supreme Court

Legislature has defined “head office expenditure” in clear and unambiguous terms to mean executive and general administration expenditure incurred by the assessee outside India, including, inter alia, travelling expenses, salaries, and other administrative costs.

Case Briefs Supreme Court

Assessee cannot claim deduction by merely stating a bad debt as an irrecoverable write off without appropriate treatment in the accounts and non-compliance with Income Tax Act provisions: SC

Supreme Court: In the case where the Revenue had challenged Bombay High Court’s judgment affirming Income Tax Appellate Tribunal (ITAT)’s order for

Case Briefs Supreme Court

Every consideration received in foreign exchange does not ipso facto fall within the ambit of Section 80-O IT Act

Supreme Court: The 2-judge bench of AM Khanwilkar and Dinesh Maheshwari, JJ has held that for bringing any particular foreign exchange receipt