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ITAT dismissed revenue's appeal regarding interest payments on booking cancellations, holding such payments were contractual obligations compensatory in nature, not penal, thus allowable under section 37(1). However, ITAT allowed revenue's ground on IBMS and sinking fund charges, ruling these receipts constituted income in absence of evidence regarding refunds or adjustments to customers. ITAT dismissed revenue's grounds on suppressed sales at Meerut Mall project and unaccounted sales, finding additions based on conjecture without substantive evidence. Regarding seized documents, ITAT held burden under section 132(4A) read with section 292C was discharged by assessee, dismissing both substantive and protective additions. ITAT dismissed assessee's ground on delayed PF/ESI contributions following Supreme Court precedent in Checkmate Services. ITAT allowed assessee's ground on undisclosed investment based on seized diary, following its own precedent. ITAT upheld CIT(A)'s direction on section 14A disallowance, limiting computation to investments actually yielding exempt income.
ITAT dismissed revenue's appeal regarding interest payments on booking cancellations, holding such payments were contractual obligations compensatory in nature, not penal, thus allowable under section 37(1). However, ITAT allowed revenue's ground on IBMS and sinking fund charges, ruling these receipts constituted income in absence of evidence regarding refunds or adjustments to customers. ITAT dismissed revenue's grounds on suppressed sales at Meerut Mall project and unaccounted sales, finding additions based on conjecture without substantive evidence. Regarding seized documents, ITAT held burden under section 132(4A) read with section 292C was discharged by assessee, dismissing both substantive and protective additions. ITAT dismissed assessee's ground on delayed PF/ESI contributions following Supreme Court precedent in Checkmate Services. ITAT allowed assessee's ground on undisclosed investment based on seized diary, following its own precedent. ITAT upheld CIT(A)'s direction on section 14A disallowance, limiting computation to investments actually yielding exempt income.
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