Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
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 4918 
