Windmill commissioning evidence supported higher depreciation where grid connection and electricity generation proved operational use before the relev...
Pharmaceutical promotion and transfer-pricing comparability principles limited disallowances, while uncorroborated search allegations and unsupported ...
Business expenditure substantiation supports scrap credits, statutory payments and expense claims, while depreciation requires proof of actual busines...
Bogus loss from trading in shares/securities - ITAT observed that, despite the appellant's submission of evidences during the assessment proceedings, the assessing officer did not conduct any inquiry or investigation and solely relied on the statement of the director of the appellant company, recorded during a summon under section 131 of the Act. However, this statement was retracted by filing an affidavit, highlighting its lack of evidentiary value without corroborative evidence. - Consequently, the Tribunal allowed the appeal, directing the assessing officer to delete the addition on account of the rejection of loss.
Bogus loss from trading in shares/securities - ITAT observed that, despite the appellant's submission of evidences during the assessment proceedings, the assessing officer did not conduct any inquiry or investigation and solely relied on the statement of the director of the appellant company, recorded during a summon under section 131 of the Act. However, this statement was retracted by filing an affidavit, highlighting its lack of evidentiary value without corroborative evidence. - Consequently, the Tribunal allowed the appeal, directing the assessing officer to delete the addition on account of the rejection of loss.
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