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 partly allowed the appeal in respect of additions under s.69A r.w.s. and s.115BBE arising from a search at common family premises. The AO's jewellery additions were deleted by the CIT(A) on factual analysis that the jewellery belonged to the family; Revenue did not challenge that finding, rendering it final. As to wrist watches, the AO had attributed all watches to the assessee, but CIT(A) found they were located in a shared residence occupied by multiple family members and, given the family's status and absence of purchase particulars, declined to uphold additions based on contemporary market valuation. The net result is deletion of jewellery additions and rejection of watch additions, with the appeal therefore partly allowed.
ITAT partly allowed the appeal in respect of additions under s.69A r.w.s. and s.115BBE arising from a search at common family premises. The AO's jewellery additions were deleted by the CIT(A) on factual analysis that the jewellery belonged to the family; Revenue did not challenge that finding, rendering it final. As to wrist watches, the AO had attributed all watches to the assessee, but CIT(A) found they were located in a shared residence occupied by multiple family members and, given the family's status and absence of purchase particulars, declined to uphold additions based on contemporary market valuation. The net result is deletion of jewellery additions and rejection of watch additions, with the appeal therefore partly allowed.
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