Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Unsecured loans received by assessee were supported by documentary evidence proving identity, genuineness, and creditworthiness of lenders. No contrary material brought by Revenue to doubt transactions. Hence, no addition u/s 68 was warranted and corresponding disallowance of interest u/s 69C was rightly deleted. Assessee did not earn any exempt income, only gains from investments. Section 14A disallowance applies when exempt income is received/receivable. As no exempt income was earned, disallowance u/s 14A read with Rule 8D was correctly deleted by CIT(A), even considering prospective amendment. Order in favor of assessee upheld.
Unsecured loans received by assessee were supported by documentary evidence proving identity, genuineness, and creditworthiness of lenders. No contrary material brought by Revenue to doubt transactions. Hence, no addition u/s 68 was warranted and corresponding disallowance of interest u/s 69C was rightly deleted. Assessee did not earn any exempt income, only gains from investments. Section 14A disallowance applies when exempt income is received/receivable. As no exempt income was earned, disallowance u/s 14A read with Rule 8D was correctly deleted by CIT(A), even considering prospective amendment. Order in favor of assessee upheld.
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