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 affirmed deletion of an addition made under s.143(1) where contingent liabilities disclosed in Form 3CD were not debited to profit & loss; the Tribunal held the auditor's disclosure under clause 21(g) is informational and does not convert a balance-sheet contingent liability into deductible expenditure. Revenue produced no evidence that the amounts were charged to P&L or claimed in computation of income, and an adjustment at the CPC stage cannot extend beyond apparent arithmetical mistakes to matters requiring verification. Consequently, the impugned adjustment was held without foundation and unsustainable, and the addition was quashed in favour of the assessee.
ITAT affirmed deletion of an addition made under s.143(1) where contingent liabilities disclosed in Form 3CD were not debited to profit & loss; the Tribunal held the auditor's disclosure under clause 21(g) is informational and does not convert a balance-sheet contingent liability into deductible expenditure. Revenue produced no evidence that the amounts were charged to P&L or claimed in computation of income, and an adjustment at the CPC stage cannot extend beyond apparent arithmetical mistakes to matters requiring verification. Consequently, the impugned adjustment was held without foundation and unsustainable, and the addition was quashed in favour of the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
