Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
ITAT upheld CIT(A)'s deletion of disallowances for material and plot development expenses totaling Rs. 4,51,00,181, finding that common expenditure was legitimately borne by RNTC under development agreement, while assessee incurred specific plot development costs recoverable at Rs. 100 per sq. meter from plot owners. However, ITAT reversed CIT(A) regarding commission/brokerage expense disallowance, ruling that since land ownership vested with RNTC under development agreement, commission for individual plot sales should be borne by RNTC, not assessee. AO's action disallowing commission expense and reducing capitalized closing stock was upheld. Revenue's appeal partially allowed.
ITAT upheld CIT(A)'s deletion of disallowances for material and plot development expenses totaling Rs. 4,51,00,181, finding that common expenditure was legitimately borne by RNTC under development agreement, while assessee incurred specific plot development costs recoverable at Rs. 100 per sq. meter from plot owners. However, ITAT reversed CIT(A) regarding commission/brokerage expense disallowance, ruling that since land ownership vested with RNTC under development agreement, commission for individual plot sales should be borne by RNTC, not assessee. AO's action disallowing commission expense and reducing capitalized closing stock was upheld. Revenue's appeal partially allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
