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...
ITAT adjudicated two key tax issues: (1) repairs and maintenance expenditure disallowance was restricted to 10% after reviewing submitted ledger accounts, upholding CIT(A)'s partial disallowance; (2) royalty expenses were deemed revenue expenditure under Section 37, rejecting Revenue's capital expenditure classification. The tribunal referenced precedential case law from Delhi HC, specifically EKL Appliances and Lumax Industries, which established year-to-year license/technical knowledge payments as revenue expenditure. Considering consistent treatment in prior assessment years and absence of ongoing benefit post-agreement termination, ITAT ruled comprehensively in assessee's favor, allowing full royalty expense deduction.
ITAT adjudicated two key tax issues: (1) repairs and maintenance expenditure disallowance was restricted to 10% after reviewing submitted ledger accounts, upholding CIT(A)'s partial disallowance; (2) royalty expenses were deemed revenue expenditure under Section 37, rejecting Revenue's capital expenditure classification. The tribunal referenced precedential case law from Delhi HC, specifically EKL Appliances and Lumax Industries, which established year-to-year license/technical knowledge payments as revenue expenditure. Considering consistent treatment in prior assessment years and absence of ongoing benefit post-agreement termination, ITAT ruled comprehensively in assessee's favor, allowing full royalty expense deduction.
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