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
← back
Informative
Book profit to be increased by Expenses debited to P&L w.r.t. exempt income, not Disallowance u/s...
Financial ManagementIncome Tax
The ITAT has ruled that "book profit is to be increased by expenses debited to P&L" with respect to "exempt income," not disallowance under Section 14A. The tribunal's decision clarifies a key aspect of tax law. The ruling reinforces the principle that a person can be taxed on a profit if it is a bona fide profit. The court's decision is a crucial reminder to all that they must be diligent in their dealings.
