Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
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Recording of satisfaction in the assessment order is treated as a jurisdictional prerequisite for initiating penalty for cash receipts in contravention of the statutory banking-route rule; a vague reference to possible penalty proceedings is insufficient, and the defect cannot be cured later in the notice, penalty order or appeal. The Tribunal also held that the alleged contravention must be proved with independent and cogent evidence of the payer, date, amount and statutory threshold breach. Rejected books, estimated income and an uncorroborated admission of additional income were not enough. On that basis, the penalty was held unsustainable and deleted.
Recording of satisfaction in the assessment order is treated as a jurisdictional prerequisite for initiating penalty for cash receipts in contravention of the statutory banking-route rule; a vague reference to possible penalty proceedings is insufficient, and the defect cannot be cured later in the notice, penalty order or appeal. The Tribunal also held that the alleged contravention must be proved with independent and cogent evidence of the payer, date, amount and statutory threshold breach. Rejected books, estimated income and an uncorroborated admission of additional income were not enough. On that basis, the penalty was held unsustainable and deleted.
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