Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
Development rights transfers treated as immovable property, while construction abatement applies and repeated non-payment permits extended service-tax...
Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
The assessee claimed expenditure relating to financial advisor's fees, which was disallowed u/s 57(iii) as it did not relate to earning such income. However, the CIT(A) deleted the addition, and the ITAT upheld the CIT(A)'s order, following the Supreme Court's judgment in Rajendra Prasad Moody's case, as the assessee had a legal dispute pending related to earning income during the year. Regarding the disallowance u/s 37(1) for expenses incurred on bills/vouchers, the ITAT rejected the Revenue's ground, as the AO made an ad-hoc disallowance without pointing out any specific element of such expenditure. The CIT(A) rightly deleted the ad-hoc disallowance, as the expenses were necessary and genuine for the business or profession, as substantiated by the assessee.
The assessee claimed expenditure relating to financial advisor's fees, which was disallowed u/s 57(iii) as it did not relate to earning such income. However, the CIT(A) deleted the addition, and the ITAT upheld the CIT(A)'s order, following the Supreme Court's judgment in Rajendra Prasad Moody's case, as the assessee had a legal dispute pending related to earning income during the year. Regarding the disallowance u/s 37(1) for expenses incurred on bills/vouchers, the ITAT rejected the Revenue's ground, as the AO made an ad-hoc disallowance without pointing out any specific element of such expenditure. The CIT(A) rightly deleted the ad-hoc disallowance, as the expenses were necessary and genuine for the business or profession, as substantiated by the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
