Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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AO Cannot Go Beyond Net Profit in P&L Except as Permitted under Explanation to Section 115J: Bombay...
Corporate Law & GovernanceIncome Tax
The Bombay High Court, in the Mahindra case, has ruled that an "AO cannot go beyond the net profit in a P&L," except as permitted under the Explanation to Section 115J. The court's decision provides a significant victory for the company. The ruling clarifies that a tax authority cannot add an income to a taxpayer's account without a valid reason.
