Capital Gain Deductibility: proportionate IPO and PMS expenses held allowable against capital gains where netting and nexus to transfer are establishe...
Admissibility of Documentary Evidence: appellate authority may admit self explanatory documents on first production and uphold deletion of unexplained...
Demand under GST based solely on FORM 26AS entries could not be sustained where the sale deeds, if examined, indicated a prima facie sale of immovable property outside the GST levy. The HC found that the assessment proceeded on an assumed failure to produce the deeds, but once the copies of the sale deeds and corresponding FORM 26AS were considered, the underlying transaction required proper scrutiny. The impugned orders were quashed and the matter was remitted for fresh adjudication after notice.
Demand under GST based solely on FORM 26AS entries could not be sustained where the sale deeds, if examined, indicated a prima facie sale of immovable property outside the GST levy. The HC found that the assessment proceeded on an assumed failure to produce the deeds, but once the copies of the sale deeds and corresponding FORM 26AS were considered, the underlying transaction required proper scrutiny. The impugned orders were quashed and the matter was remitted for fresh adjudication after notice.
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