Misdeclaration of quantity rejected where supplier evidence established counting errors, so reassessment, confiscation and redemption fine were set as...
Admissibility of electronic evidence controls valuation and penalty exposure; non compliant e records and statements nullify revaluation and penalties...
A related-party slump sale capital loss was disallowed because the assessee failed to prove genuineness, valuation basis and fair consideration through independent material, and the claimed loss was not supported beyond book entries. Compensation received on the departure of a key medical professional was taxed as revenue receipt because the hospital's profit-earning apparatus remained intact and the payment was linked to anticipated business loss rather than destruction of a capital source. The Tribunal also upheld deletion of interest disallowance and interest capitalisation additions on the footing that the assessee had sufficient own funds. Section 14A was held inapplicable because no exempt income was earned during the year.
A related-party slump sale capital loss was disallowed because the assessee failed to prove genuineness, valuation basis and fair consideration through independent material, and the claimed loss was not supported beyond book entries. Compensation received on the departure of a key medical professional was taxed as revenue receipt because the hospital's profit-earning apparatus remained intact and the payment was linked to anticipated business loss rather than destruction of a capital source. The Tribunal also upheld deletion of interest disallowance and interest capitalisation additions on the footing that the assessee had sufficient own funds. Section 14A was held inapplicable because no exempt income was earned during the year.
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