Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Disallowance of Capital Loss on Sale of Shares - sale of shares due to the amalgamation of certain entities - The AO disallowed the loss, treating it as an artificial loss created on paper. - The ITAT held that the AO unjustifiably disallowed the capital loss. The transactions leading to the loss were legitimate and supported by commercial rationale, including a valid business restructuring and divestment strategy supported by an independent valuation. Therefore, the CIT(A)'s deletion of the disallowance was upheld, dismissing the Revenue's appeal on this issue.
Disallowance of Capital Loss on Sale of Shares - sale of shares due to the amalgamation of certain entities - The AO disallowed the loss, treating it as an artificial loss created on paper. - The ITAT held that the AO unjustifiably disallowed the capital loss. The transactions leading to the loss were legitimate and supported by commercial rationale, including a valid business restructuring and divestment strategy supported by an independent valuation. Therefore, the CIT(A)'s deletion of the disallowance was upheld, dismissing the Revenue's appeal on this issue.
Note: It is a system-generated summary and is for quick reference only.
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