The COVID-19 pandemic, which triggered unprecedented global disruptions, reverberated through every aspect of life. In India, where the fiscal year is integral to the smooth […]
Income Tax Act
Section 37 of the Income Tax Act: Scope, Interpretation, and Judicial Insights
Section 37 of the Income Tax Act, 1961, serves as a legislative safety net — an all-encompassing residuary clause that catches within its fold every […]
Section 37 of the Income Tax Act: HC Clarifies Treatment of Compensation Paid to Subsidiaries
Business operations are inherently complex, particularly for large organizations managing multiple subsidiaries. Each subsidiary carries its own set of operational risks and challenges, and these […]
Understanding Business Profits and Gains: Key Insights Under the Income Tax Act
Understanding the intricacies of how the Income Tax Act addresses the “profits and gains of business or profession” is essential for any taxpayer involved in […]