Authority rules B+G+31 service apartment is commercial building construction, not multi-storey residential for tax classification under RERA definitio...
Resale price method upheld for distribution; assessee's margins accepted and certain transfer-pricing adjustments deleted due to documented reimbursem...
ITAT allowed the appeal: it reversed the AO's additions and directed deletion of the disallowance under s.69C. The Tribunal found the AO and CIT(A) erred in rejecting bona fide improvement expenditures where the assessee produced original bills, payment evidence and corroborative invoices, despite the assessee's name not appearing on some vouchers; the totality of circumstances supported allowance of the cost of improvement. Likewise, commission/brokerage payments to four payees were held to be genuine and claimed in the recipients' returns and confirmations; mere filing after s.133(6) inquiries or familial relationship did not justify disallowance absent contrary evidence. The AO was directed to allow the claimed deductions for computation of capital gains.
ITAT allowed the appeal: it reversed the AO's additions and directed deletion of the disallowance under s.69C. The Tribunal found the AO and CIT(A) erred in rejecting bona fide improvement expenditures where the assessee produced original bills, payment evidence and corroborative invoices, despite the assessee's name not appearing on some vouchers; the totality of circumstances supported allowance of the cost of improvement. Likewise, commission/brokerage payments to four payees were held to be genuine and claimed in the recipients' returns and confirmations; mere filing after s.133(6) inquiries or familial relationship did not justify disallowance absent contrary evidence. The AO was directed to allow the claimed deductions for computation of capital gains.
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