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        <h1>High Court affirms ITAT decisions on capital gains & deductions; pending appeal on office expenses.</h1> <h3>PRINCIPAL COMMISSIONER OF INCOME TAX-1 Versus SHAH INVESTOR'S HOME LIMITED</h3> PRINCIPAL COMMISSIONER OF INCOME TAX-1 Versus SHAH INVESTOR'S HOME LIMITED - TMI Issues:1. Revision of working of capital gains on BSE shares2. Disallowance of deduction u/s 40(a)(ia) for office management and maintenance expenses3. Disallowance of deduction u/s 40(a)(ia) for reimbursement of expensesAnalysis:Issue 1: Revision of working of capital gains on BSE sharesThe appellant challenged the ITAT's decision to allow the revised working of capital gains on BSE shares. The Assessing Officer had denied the claim as it was not included in the original or revised return. However, the High Court referred to a previous case where it was held that if revised capital gain working is presented during assessment, it should be allowed. As per the Division Bench's decision, the ITAT's decision to permit the revised working of capital gains was upheld, leading to the dismissal of the appeal on this issue.Issue 2: Disallowance of deduction u/s 40(a)(ia) for office management and maintenance expensesThe question of whether the ITAT was correct in deleting the disallowance of deduction under section 40(a)(ia) for office management and maintenance expenses was raised. The Division Bench had previously ruled that TDS is not required on reimbursed amounts, a decision not contested by the Revenue's counsel. Consequently, the High Court dismissed the appeal on this issue as well, in line with the Division Bench's precedent.Issue 3: Disallowance of deduction u/s 40(a)(ia) for reimbursement of expensesThe High Court admitted the appeal to consider the question of whether the ITAT was justified in deleting the disallowance of deduction under section 40(a)(ia) for reimbursement of expenses amounting to Rs. 30,68,705. This issue is to be heard alongside other related tax appeals, indicating the significance and complexity of the matter that requires further examination.In summary, the High Court upheld the ITAT's decisions regarding the revision of capital gains on BSE shares and the disallowance of deductions for reimbursed expenses, citing relevant Division Bench judgments. The appeal on the disallowance of deduction for office management and maintenance expenses is pending further consideration.

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