Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
Transfer-pricing methodology protects commercially genuine associated-enterprise payments, while pre-2016 secondary adjustments and related notional i...
Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
Cross-examination rights in Customs Broker revocation inquiries require witness examination; procedural denial may be cured through fresh adjudication...
ITAT ruled in favor of assessee regarding interest disallowance under Section 36(1)(iii). AO's contention of interest-free advances from interest-bearing funds was rejected as AO failed to establish diversion of funds for non-business purposes. Tribunal found substantial interest-free funds available with assessee from sister concerns, exceeding the disputed amount. Regarding stock valuation, ITAT upheld CIT(A)'s partial deletion of addition, maintaining Rs. 50,63,472 for consistency in FIFO method while deleting Rs. 3,95,62,067. On handling/spillage/wastage losses, ITAT accepted natural losses due to environmental factors and handling, noting no adverse findings during search proceedings or in previous assessments. AO's arbitrary disallowance was set aside as reasonable business losses were established.
ITAT ruled in favor of assessee regarding interest disallowance under Section 36(1)(iii). AO's contention of interest-free advances from interest-bearing funds was rejected as AO failed to establish diversion of funds for non-business purposes. Tribunal found substantial interest-free funds available with assessee from sister concerns, exceeding the disputed amount. Regarding stock valuation, ITAT upheld CIT(A)'s partial deletion of addition, maintaining Rs. 50,63,472 for consistency in FIFO method while deleting Rs. 3,95,62,067. On handling/spillage/wastage losses, ITAT accepted natural losses due to environmental factors and handling, noting no adverse findings during search proceedings or in previous assessments. AO's arbitrary disallowance was set aside as reasonable business losses were established.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
