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ITAT upholds several findings of the first appellate authority and otherwise directs varied reliefs and remittals. Additions for sale of opening RIL shares are sustained in favour of the assessee; unexplained investment in RIL shares, PSU bonds and unexplained bank deposits are deleted and AO directed to withdraw corresponding u/s 69 additions. Additions relating to certain Colgate share purchases and NBS Industries are restored to the file of the AO for verification of contract notes and particulars. Depreciation on leased plant is allowed; bill-discounting charges and money-market losses are accepted as claimed. Accrued interest on 13% NLC bonds is sustained. Interest expenditure claim and quantification, computation of interest u/s 234B (after TDS), and other limited issues are remitted to the AO for determination in accordance with law.
ITAT upholds several findings of the first appellate authority and otherwise directs varied reliefs and remittals. Additions for sale of opening RIL shares are sustained in favour of the assessee; unexplained investment in RIL shares, PSU bonds and unexplained bank deposits are deleted and AO directed to withdraw corresponding u/s 69 additions. Additions relating to certain Colgate share purchases and NBS Industries are restored to the file of the AO for verification of contract notes and particulars. Depreciation on leased plant is allowed; bill-discounting charges and money-market losses are accepted as claimed. Accrued interest on 13% NLC bonds is sustained. Interest expenditure claim and quantification, computation of interest u/s 234B (after TDS), and other limited issues are remitted to the AO for determination in accordance with law.
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