Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
Disciplinary proportionality requires penalties for Authorised Representative misconduct to match proven harm, leading to reconsideration of registrat...
ITAT allowed the assessee's appeal, finding the Assessing Officer's addition of Rs. 9 lakhs unwarranted. The tribunal determined that the amount received by the assessee as a loan against fixed deposit cannot be considered business income. Since the assessee had already declared income under the Income Tax Declaration Scheme for AY 2013-14 and opted for taxation under Section 44AD, the addition was unjustified. The tribunal set aside the lower appellate authority's order and directed deletion of the disputed addition.
ITAT allowed the assessee's appeal, finding the Assessing Officer's addition of Rs. 9 lakhs unwarranted. The tribunal determined that the amount received by the assessee as a loan against fixed deposit cannot be considered business income. Since the assessee had already declared income under the Income Tax Declaration Scheme for AY 2013-14 and opted for taxation under Section 44AD, the addition was unjustified. The tribunal set aside the lower appellate authority's order and directed deletion of the disputed addition.
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TaxTMI 
TaxTMI 
of 4918 
