Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
ITAT allowed the assessee's appeal in part, holding that payments made to the builder for civil, plumbing and electrical works constituted part of cost of acquisition and permitting Rs.11,35,023 as cost of acquisition, noting receipts and payment statements and absence of bank records due to account closure. Concurrently ITAT sustained exclusion of certain improvement claims, directing the AO to disallow Rs.5,49,644 as personal effects or non-deductible items, while accepting that embedded permanent fixtures qualify as part of capital improvement. Claims for air travel, boarding, meals, local transport and related expenses were disallowed as not incurred "wholly and exclusively" in connection with the transfer.
ITAT allowed the assessee's appeal in part, holding that payments made to the builder for civil, plumbing and electrical works constituted part of cost of acquisition and permitting Rs.11,35,023 as cost of acquisition, noting receipts and payment statements and absence of bank records due to account closure. Concurrently ITAT sustained exclusion of certain improvement claims, directing the AO to disallow Rs.5,49,644 as personal effects or non-deductible items, while accepting that embedded permanent fixtures qualify as part of capital improvement. Claims for air travel, boarding, meals, local transport and related expenses were disallowed as not incurred "wholly and exclusively" in connection with the transfer.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
