Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
The ITAT set aside the disallowance of freight charges, holding that mere suspicion without proof cannot justify rejecting expenses substantiated by audited accounts and vouchers. The disallowance under section 14A was deleted due to the AO's failure to record proper satisfaction before making additions. Additions based solely on Form 26AS mismatch were reversed as the assessee declared the amount in a subsequent year, preventing double taxation. The issue of carry forward losses was remitted to the AO for verification in accordance with law, with a direction to afford the assessee an opportunity of hearing. Disallowance of interest expenditure was also reversed, as the assessee had interest-free funds evidenced by loans and inventory financing, precluding blanket disallowance of finance costs. The appeal was allowed in part, with remand and deletion of certain additions.
The ITAT set aside the disallowance of freight charges, holding that mere suspicion without proof cannot justify rejecting expenses substantiated by audited accounts and vouchers. The disallowance under section 14A was deleted due to the AO's failure to record proper satisfaction before making additions. Additions based solely on Form 26AS mismatch were reversed as the assessee declared the amount in a subsequent year, preventing double taxation. The issue of carry forward losses was remitted to the AO for verification in accordance with law, with a direction to afford the assessee an opportunity of hearing. Disallowance of interest expenditure was also reversed, as the assessee had interest-free funds evidenced by loans and inventory financing, precluding blanket disallowance of finance costs. The appeal was allowed in part, with remand and deletion of certain additions.
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