Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
The ITAT deleted additions related to dividend and interest income, holding that dividend could not be assessed in the hands of the appellant for unregistered shares, especially considering the shares belonged to a notified person under custody of the Special Court. Additions for unexplained share investments were deleted after considering bonus shares. Interest income additions were also deleted as relevant documents were in possession of the Income Tax Department or Custodian. Various expense disallowances including interest on debenture call money and share trading losses were reversed, with the Tribunal finding that accounting and auditing expenses were incurred for business purposes and therefore allowable. Following its earlier decision in the appellant's case for AY 1991-92, the ITAT directed the AO to allow the entire claim of interest expenditure.
The ITAT deleted additions related to dividend and interest income, holding that dividend could not be assessed in the hands of the appellant for unregistered shares, especially considering the shares belonged to a notified person under custody of the Special Court. Additions for unexplained share investments were deleted after considering bonus shares. Interest income additions were also deleted as relevant documents were in possession of the Income Tax Department or Custodian. Various expense disallowances including interest on debenture call money and share trading losses were reversed, with the Tribunal finding that accounting and auditing expenses were incurred for business purposes and therefore allowable. Following its earlier decision in the appellant's case for AY 1991-92, the ITAT directed the AO to allow the entire claim of interest expenditure.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
