ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
ITAT allowed the assessee's appeal, deleting the addition made as unexplained expenditure u/s 69C in respect of alleged furniture expenses incurred by the assessee's spouse. The Tribunal noted that, as per the capital account and balance sheet as on 31.03.2017, the spouse possessed sufficient funds to meet the furniture expenditure of Rs. 17,50,000/-. In the absence of any rebuttal or contrary material from the Revenue, the explanation could not be discarded. The addition was held to be arbitrary, misconceived and unsustainable in law.
ITAT allowed the assessee's appeal, deleting the addition made as unexplained expenditure u/s 69C in respect of alleged furniture expenses incurred by the assessee's spouse. The Tribunal noted that, as per the capital account and balance sheet as on 31.03.2017, the spouse possessed sufficient funds to meet the furniture expenditure of Rs. 17,50,000/-. In the absence of any rebuttal or contrary material from the Revenue, the explanation could not be discarded. The addition was held to be arbitrary, misconceived and unsustainable in law.
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