Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
ITAT dealt with the addition of notional interest on interest-free advances and disallowance of inflated import purchases. Assessee's advances to brokers were assigned to another company and were NIL as of 01.04.2009, so no notional interest was warranted. CIT(A)'s deletion of the addition was upheld. Import purchases were genuine, resulting in profits, not losses. CIT(A) rightly deleted the inflated purchase disallowance. Assessee's new claims for deductions in abated assessments u/s 153A were allowed. Subsidies under FPS & VKGUY were capital receipts, not taxable. Disallowance u/s 14A limited to exempt income and not added to book profit u/s 115JB. ESOP expenses allowed u/s 37(1). Foreign exchange loss treated as revenue expenditure. Penalty u/s 271(1)(c) was deleted following the deletion of the related additions.
ITAT dealt with the addition of notional interest on interest-free advances and disallowance of inflated import purchases. Assessee's advances to brokers were assigned to another company and were NIL as of 01.04.2009, so no notional interest was warranted. CIT(A)'s deletion of the addition was upheld. Import purchases were genuine, resulting in profits, not losses. CIT(A) rightly deleted the inflated purchase disallowance. Assessee's new claims for deductions in abated assessments u/s 153A were allowed. Subsidies under FPS & VKGUY were capital receipts, not taxable. Disallowance u/s 14A limited to exempt income and not added to book profit u/s 115JB. ESOP expenses allowed u/s 37(1). Foreign exchange loss treated as revenue expenditure. Penalty u/s 271(1)(c) was deleted following the deletion of the related additions.
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