Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Adverse material used to disallow exempt long-term capital gain on off-market share transactions had to be confronted to the assessee before assessment. The ITAT found the appellate relief unsustainable because the finding that notices and third-party responses had not been properly confronted was accepted without verifying the assessment record, and the precedents relied on concerned stock-exchange transactions rather than preferential allotment purchases. It also noted that the SEBI material referred to by the lower authorities was not placed on record. The additions were set aside and the matter was restored to the Assessing Officer for de novo adjudication after supplying all relied-upon material, with all contentions kept open.
Adverse material used to disallow exempt long-term capital gain on off-market share transactions had to be confronted to the assessee before assessment. The ITAT found the appellate relief unsustainable because the finding that notices and third-party responses had not been properly confronted was accepted without verifying the assessment record, and the precedents relied on concerned stock-exchange transactions rather than preferential allotment purchases. It also noted that the SEBI material referred to by the lower authorities was not placed on record. The additions were set aside and the matter was restored to the Assessing Officer for de novo adjudication after supplying all relied-upon material, with all contentions kept open.
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