Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
Interest provision based on an arbitral award was disallowed because the Supreme Court's setting aside of that award extinguished the underlying liability, so the claim had to be reconsidered on the footing that no such interest was payable. Expenditure on gifts, boarding, lodging and allied arrangements for a General Body Meeting was held to be business expenditure under a purposive reading of section 37, since convening such a meeting was a statutory requirement and the Assessing Officer could not reject the claim merely as excessive once its business purpose was established. The Tribunal's allowance of that expenditure was affirmed, while the interest provision deduction was rejected.
Interest provision based on an arbitral award was disallowed because the Supreme Court's setting aside of that award extinguished the underlying liability, so the claim had to be reconsidered on the footing that no such interest was payable. Expenditure on gifts, boarding, lodging and allied arrangements for a General Body Meeting was held to be business expenditure under a purposive reading of section 37, since convening such a meeting was a statutory requirement and the Assessing Officer could not reject the claim merely as excessive once its business purpose was established. The Tribunal's allowance of that expenditure was affirmed, while the interest provision deduction was rejected.
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