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...
Bogus purchase bills obtained as accommodation entries warranted addition only to the income component embedded in unverifiable purchases, and the Tribunal was justified in following earlier coordinate Bench decisions on identical facts. The assessee had no actual material purchases, but the addition was restricted to 6% of the impugned purchases in line with prior High Court and Tribunal rulings. The Revenue's challenge to that estimation failed, and the appeal was dismissed.
Bogus purchase bills obtained as accommodation entries warranted addition only to the income component embedded in unverifiable purchases, and the Tribunal was justified in following earlier coordinate Bench decisions on identical facts. The assessee had no actual material purchases, but the addition was restricted to 6% of the impugned purchases in line with prior High Court and Tribunal rulings. The Revenue's challenge to that estimation failed, and the appeal was dismissed.
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