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...
An ex parte revision order under section 263 was held unsustainable because the assessee received only one day to respond to the show-cause notice, which was treated as denial of a reasonable opportunity of hearing and a breach of audi alteram partem. By majority, the Tribunal held that the defect was procedural and curable, so the revision proceedings were not terminated; the impugned order was set aside and the matter remanded for fresh adjudication after adequate opportunity, uninfluenced by observations on merits.
An ex parte revision order under section 263 was held unsustainable because the assessee received only one day to respond to the show-cause notice, which was treated as denial of a reasonable opportunity of hearing and a breach of audi alteram partem. By majority, the Tribunal held that the defect was procedural and curable, so the revision proceedings were not terminated; the impugned order was set aside and the matter remanded for fresh adjudication after adequate opportunity, uninfluenced by observations on merits.
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