Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
Balance-sheet reclassifications arising from capitalisation of project expenditure and reversal of duplicate entries do not, by themselves, create taxable income. Transfer of Capital Work-in-Progress or pre-operative expenditure to fixed assets is characterised as a balance-sheet movement rather than revenue expenditure where no debit is made to the Profit and Loss Account and no deduction is claimed in computing income. A reduction in an asset account cannot support an addition merely from a numerical difference; taxability requires examination of corresponding ledger entries and a demonstrated charging or deeming basis, taxable benefit, remission, or inadmissible expenditure. The notes state that the Revenue's additions were deleted on these grounds.
Balance-sheet reclassifications arising from capitalisation of project expenditure and reversal of duplicate entries do not, by themselves, create taxable income. Transfer of Capital Work-in-Progress or pre-operative expenditure to fixed assets is characterised as a balance-sheet movement rather than revenue expenditure where no debit is made to the Profit and Loss Account and no deduction is claimed in computing income. A reduction in an asset account cannot support an addition merely from a numerical difference; taxability requires examination of corresponding ledger entries and a demonstrated charging or deeming basis, taxable benefit, remission, or inadmissible expenditure. The notes state that the Revenue's additions were deleted on these grounds.
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