Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
The assessee received funds from DSIR, repayable as royalty equaling 1.3 times the amount, which the AO treated as royalty disallowing weighted deduction u/s 35(2AB). ITAT held the funds received were soft loans based on identical tripartite agreement terms in earlier years confirmed by Ministry of Science and Technology, unsecured loan treatment in financial statements, and interest disclosure and TDS on repayment. ITAT allowed weighted deduction u/s 35(2AB), directing AO to delete the disallowance.
The assessee received funds from DSIR, repayable as royalty equaling 1.3 times the amount, which the AO treated as royalty disallowing weighted deduction u/s 35(2AB). ITAT held the funds received were soft loans based on identical tripartite agreement terms in earlier years confirmed by Ministry of Science and Technology, unsecured loan treatment in financial statements, and interest disclosure and TDS on repayment. ITAT allowed weighted deduction u/s 35(2AB), directing AO to delete the disallowance.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
