Electronic WhatsApp evidence without authentication or independent corroboration cannot sustain an unexplained-investment addition based on third-part...
Mutual current-account transactions excluded from deemed dividend treatment where no fresh borrowing arose; unsupported unsecured-loan addition also f...
ITAT held that the revision under s.263 by PCIT was unwarranted and set aside, finding the AO had made adequate inquiries and legitimately adopted one of two tenable legal views. The Tribunal allowed the assessee's appeal: (1) loss on capital reduction of shares pursuant to NCLT order qualifies as capital loss within the ambit of section 2(14) and is allowable; (2) waiver/settlement of a loan constituted disposal of a capital asset entitling the assessee to capital loss; and (3) write-off of interest receivable as bad debt was properly reflected in books and deductible. Accordingly, additions made on these grounds were deleted.
ITAT held that the revision under s.263 by PCIT was unwarranted and set aside, finding the AO had made adequate inquiries and legitimately adopted one of two tenable legal views. The Tribunal allowed the assessee's appeal: (1) loss on capital reduction of shares pursuant to NCLT order qualifies as capital loss within the ambit of section 2(14) and is allowable; (2) waiver/settlement of a loan constituted disposal of a capital asset entitling the assessee to capital loss; and (3) write-off of interest receivable as bad debt was properly reflected in books and deductible. Accordingly, additions made on these grounds were deleted.
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