Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Addition u/s 40A(2) - disallowance of interest claim of 9% - ITAT has rightly concluded that the provisions like Section 40A are meant to check evasion of tax through excessive or unreasonable payment to relatives and associate concerns and should not be applied in a manner which will cause hardship in bonafide cases relying on Section 40A(2) - it is not a case of tax evasion in as much as it is not the Revenue’s case if the rate would have been less the assessee’s profit would have been more. - HC
Addition u/s 40A(2) - disallowance of interest claim of 9% - ITAT has rightly concluded that the provisions like Section 40A are meant to check evasion of tax through excessive or unreasonable payment to relatives and associate concerns and should not be applied in a manner which will cause hardship in bonafide cases relying on Section 40A(2) - it is not a case of tax evasion in as much as it is not the Revenue’s case if the rate would have been less the assessee’s profit would have been more. - HC
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