Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
The ITAT held that disallowance of advertisement expenses lacked merit as the charges were reasonable. The 15% discount received by the agent did not impact the reasonableness of charges borne by the assessee. However, hoarding expenses lacked substantiation, requiring further verification. The matter was remanded to the AO for review. Similarly, addition on commission and brokerage expenses needed reevaluation with proper substantiation. The AO's disallowance of depreciation on fixed assets was overturned as the assessee was entitled to claim depreciation under section 32 of the Act.
The ITAT held that disallowance of advertisement expenses lacked merit as the charges were reasonable. The 15% discount received by the agent did not impact the reasonableness of charges borne by the assessee. However, hoarding expenses lacked substantiation, requiring further verification. The matter was remanded to the AO for review. Similarly, addition on commission and brokerage expenses needed reevaluation with proper substantiation. The AO's disallowance of depreciation on fixed assets was overturned as the assessee was entitled to claim depreciation under section 32 of the Act.
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