Personal liberty safeguards restrict arrest after court-directed GST appearance, requiring interim release where authorities overreach pending proceed...
Alternative statutory remedy and delay bar GST writ challenges despite pending rectification, while distinct subject matter permits parallel proceedin...
Unverified Insight Portal Information Cannot Justify Reassessment Without a Verified Taxpayer-Specific Income-Escape Nexus or Demonstrated Application...
Assessing Officer jurisdiction after statutory transfer invalidates reassessment notices issued by transferor officers and nullifies resulting proceed...
Consequential appeal-effect orders must implement rectification deleting working-capital adjustments and reconsider the resulting arm's-length range c...
Discounted cash flow valuation protects share premium where projections are reasonable, while audited book expenses defeat unexplained-expenditure add...
The ITAT upheld the CIT(A)'s decision to delete the addition for under-valuation of closing stock, emphasizing that stock statements provided to banks for credit purposes cannot solely determine tax values without independent verification. Regarding disallowance u/s 14A for investment in shares, it was held that if there is no claim of exempted income, Section 14A does not apply, especially when no expenditure was incurred for the investments. The ITAT also supported the CIT(A)'s deletion of the disallowance towards interest on unpaid purchase price, noting the contractual obligation and the vendor's monopoly. Additionally, the disallowance towards insurance expenses for Keyman Insurance Policies was dismissed as the policies benefitted the company, not individual directors.
The ITAT upheld the CIT(A)'s decision to delete the addition for under-valuation of closing stock, emphasizing that stock statements provided to banks for credit purposes cannot solely determine tax values without independent verification. Regarding disallowance u/s 14A for investment in shares, it was held that if there is no claim of exempted income, Section 14A does not apply, especially when no expenditure was incurred for the investments. The ITAT also supported the CIT(A)'s deletion of the disallowance towards interest on unpaid purchase price, noting the contractual obligation and the vendor's monopoly. Additionally, the disallowance towards insurance expenses for Keyman Insurance Policies was dismissed as the policies benefitted the company, not individual directors.
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