Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
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ITAT dismissed the revenue's appeal and upheld the CIT(A)'s allowance of the assessee's claim under section 14A read with r.w.r. 8D. The Tribunal found the AO's suo-moto disallowance unreasonable and procedurally defective because no contemporaneous satisfaction was recorded to justify overriding the assessee's self-disallowance, and the AO failed to segregate investments yielding exempt income. The AO's computation, which exceeded total P&L expenses and ignored the assessee's working confined to investments producing exempt income, was held to lack logical basis and factual appreciation. Consequently, the excess disallowance imposed by the AO was deleted and the revenue's appeal dismissed.
ITAT dismissed the revenue's appeal and upheld the CIT(A)'s allowance of the assessee's claim under section 14A read with r.w.r. 8D. The Tribunal found the AO's suo-moto disallowance unreasonable and procedurally defective because no contemporaneous satisfaction was recorded to justify overriding the assessee's self-disallowance, and the AO failed to segregate investments yielding exempt income. The AO's computation, which exceeded total P&L expenses and ignored the assessee's working confined to investments producing exempt income, was held to lack logical basis and factual appreciation. Consequently, the excess disallowance imposed by the AO was deleted and the revenue's appeal dismissed.
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