Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
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The assessee's short-term capital gains from share trading were rightly treated as business income. Mere mention of shares as investments does not grant benefit under Circular No.4 of 2007. Separate account maintenance, delivery-based transactions, and acceptance of capital gains in preceding years were not sufficient to establish share trading as investments. The assessee was eligible for deduction u/s 80IC as the manufacturing unit was located in a notified area, fulfilling conditions. Disallowance of 20% of milk purchases was unjustified as expenses were duly debited, and net profit ratio was considered for assessment in subsequent years. The Tribunal allowed the assessee's claim, finding no justification for discrediting purchases on an ad hoc basis.
The assessee's short-term capital gains from share trading were rightly treated as business income. Mere mention of shares as investments does not grant benefit under Circular No.4 of 2007. Separate account maintenance, delivery-based transactions, and acceptance of capital gains in preceding years were not sufficient to establish share trading as investments. The assessee was eligible for deduction u/s 80IC as the manufacturing unit was located in a notified area, fulfilling conditions. Disallowance of 20% of milk purchases was unjustified as expenses were duly debited, and net profit ratio was considered for assessment in subsequent years. The Tribunal allowed the assessee's claim, finding no justification for discrediting purchases on an ad hoc basis.
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