Appeal allows marketing payments as deductible business expenses under Sec.37; director pay retained; R&D deductible from certificate date under Sec.3...
Registration under s.12AB upheld; CIT(Exemptions) exceeded jurisdiction by deciding taxability instead of preliminary verification and registration di...
ITAT allows the assessee's appeal and quashes the PCIT's revisional order, holding that the revisional jurisdiction was improperly invoked where the AO adopted a plausible view on taxability of interest under s.28 of the Land Acquisition Act and the issue remained debatable. The Tribunal finds the order under challenge prompted solely by an audit objection and therefore unsustainable. On the question of capital gains, ITAT holds the land qualifies as a capital asset within s.2(14) for the relevant year; the Finance Act amendment is not retrospective, and the Revenue's reliance on an alternate aerial distance measurement is rejected. Consequently, the impugned addition is deleted and the PCIT order set aside.
ITAT allows the assessee's appeal and quashes the PCIT's revisional order, holding that the revisional jurisdiction was improperly invoked where the AO adopted a plausible view on taxability of interest under s.28 of the Land Acquisition Act and the issue remained debatable. The Tribunal finds the order under challenge prompted solely by an audit objection and therefore unsustainable. On the question of capital gains, ITAT holds the land qualifies as a capital asset within s.2(14) for the relevant year; the Finance Act amendment is not retrospective, and the Revenue's reliance on an alternate aerial distance measurement is rejected. Consequently, the impugned addition is deleted and the PCIT order set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4824 
Join Channel 
