Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
