Separate speaking orders on reopening objections are mandatory; deciding them within reassessment invalidates jurisdiction and precludes revival of st...
Compulsorily convertible debentures remain debt before conversion, preventing transfer-pricing and interest-deduction disallowances on the stated fact...
Stock-in-trade transfer taxability follows possession and consideration, not later conveyance registration, limiting deemed-value provisions to the ac...
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 4891 
