Commission expenditure linked to pharmaceutical marketing income qualifies as business deduction when recipient identity, genuineness and business pur...
Country of Origin Certificates and declared transaction value supported preferential customs exemption where authenticity and invoice prices remained ...
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Payment to a tenant for taking over a building on lease cancellation was supported by the agreement, bank records, ledger entries and TDS documents, so ITAT accepted it as part of the building block of assets. The Tribunal held that the Assessing Officer could not recast the brought-forward written-down value by relying on assumptions from earlier years, especially when the block had been consistently carried forward in the books and returns and no contrary material was produced. It also noted that the earlier revaluation related to land, not the factory building. The restriction of the short-term capital loss was therefore unsustainable, and the loss claimed was allowed.
Payment to a tenant for taking over a building on lease cancellation was supported by the agreement, bank records, ledger entries and TDS documents, so ITAT accepted it as part of the building block of assets. The Tribunal held that the Assessing Officer could not recast the brought-forward written-down value by relying on assumptions from earlier years, especially when the block had been consistently carried forward in the books and returns and no contrary material was produced. It also noted that the earlier revaluation related to land, not the factory building. The restriction of the short-term capital loss was therefore unsustainable, and the loss claimed was allowed.
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