Revenue classification: agricultural land treated as capital asset under s.2(14)(iii)(b); consideration fixed at Rs.1,00,44,000; s.54F exemption allow...
Appeal allowed, exemption under section 11 restored for not-for-profit company under section 12A carrying out charitable activities including micro-fi...
Page of 4828
Press 'Enter' after typing page number.
10881 to 10900 of 96556 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
ITAT upheld the CIT(A)'s view and dismissed the Revenue's appeal: the profit on sale of a motor vehicle was not taxable as the motor car formed part of a continuing block of assets and the sale consideration was adjusted against the block; additions under section 69C for alleged unexplained import-related expenditure were deleted on documentary evidence; the tribunal directed complete deletion of the addition relating to writers' remuneration (modifying CIT(A)'s 10% disallowance) as surmise-based adjustments were impermissible; a 5% disallowance for transportation/distribution expenses was quashed; the section 143(2) notice was held invalid for non-compliance with CBDT instructions, rendering consequent proceedings void.
ITAT upheld the CIT(A)'s view and dismissed the Revenue's appeal: the profit on sale of a motor vehicle was not taxable as the motor car formed part of a continuing block of assets and the sale consideration was adjusted against the block; additions under section 69C for alleged unexplained import-related expenditure were deleted on documentary evidence; the tribunal directed complete deletion of the addition relating to writers' remuneration (modifying CIT(A)'s 10% disallowance) as surmise-based adjustments were impermissible; a 5% disallowance for transportation/distribution expenses was quashed; the section 143(2) notice was held invalid for non-compliance with CBDT instructions, rendering consequent proceedings void.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
