Tax authority's substitution of projected figures with actuals overturned; original acquisition valuation upheld; transfer pricing issues remitted for...
Beneficial owner held liable for differential customs duty; royalties added under Rule 10(1)(c); confiscation, penalties under s.111(m), s.114A, s.112...
ITAT upheld the order of the ld. CIT(A) in material respects. Additions u/s 68 on account of sundry creditors were rejected, as identity, creditworthiness and genuineness were established through confirmations and statements, and the AO had proceeded merely on suspicion without summoning most creditors. In respect of unsecured loans, ITAT confirmed the sustained addition of Rs. 18,00,000/- relating to three depositors, as the assessee did not press her appeal; deletions for the remaining amounts were upheld. For expenses incurred in vacating encroachers, ITAT affirmed the ld. CIT(A)'s partial allowance by estimating payment at Rs. 2,500 per square yard and directing recomputation of cost of acquisition. Development expenses were allowed as per ld. CIT(A), the AO's reliance on an Inspector's belated and non-technical report being rejected. Revenue's grounds were dismissed.
ITAT upheld the order of the ld. CIT(A) in material respects. Additions u/s 68 on account of sundry creditors were rejected, as identity, creditworthiness and genuineness were established through confirmations and statements, and the AO had proceeded merely on suspicion without summoning most creditors. In respect of unsecured loans, ITAT confirmed the sustained addition of Rs. 18,00,000/- relating to three depositors, as the assessee did not press her appeal; deletions for the remaining amounts were upheld. For expenses incurred in vacating encroachers, ITAT affirmed the ld. CIT(A)'s partial allowance by estimating payment at Rs. 2,500 per square yard and directing recomputation of cost of acquisition. Development expenses were allowed as per ld. CIT(A), the AO's reliance on an Inspector's belated and non-technical report being rejected. Revenue's grounds were dismissed.
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