Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
Nominee director protection shields independent financial-institution appointees from criminal liability where they lack involvement in deposit defaul...
Historical wealth-tax records, valuation reports and family-distribution evidence can substantiate ancestral and self-owned jewellery; non-filing of later wealth-tax returns, without evidence of disposal, does not establish that prior holdings were sold. Accordingly, jewellery disclosed in Schedule AL could not be treated as unexplained merely because original purchase bills were unavailable. Brokerage paid to a Hindu undivided family is not deductible as investment cost for capital-gains exemption where no family fund or asset generated the income and its Karta or coparcener was separately paid for the same personal services. Recipient confirmation or taxability does not establish deductibility; the brokerage disallowance remained sustainable.
Historical wealth-tax records, valuation reports and family-distribution evidence can substantiate ancestral and self-owned jewellery; non-filing of later wealth-tax returns, without evidence of disposal, does not establish that prior holdings were sold. Accordingly, jewellery disclosed in Schedule AL could not be treated as unexplained merely because original purchase bills were unavailable. Brokerage paid to a Hindu undivided family is not deductible as investment cost for capital-gains exemption where no family fund or asset generated the income and its Karta or coparcener was separately paid for the same personal services. Recipient confirmation or taxability does not establish deductibility; the brokerage disallowance remained sustainable.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4891 
