Unlawful outward remittances via Hawala using proforma invoices and electronic records proved; documents admitted, directors penalised, penalties redu...
Attachment of equivalent-value properties as proceeds of crime upheld; preventive attachment order and confirmation sustained; no independent ED reinv...
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ITAT held that CSR payments, though disallowed as business expenditure u/s 37(1), may still qualify for deduction u/s 80G when computing total taxable income, subject to statutory conditions, and that denying such deduction would amount to impermissible double disallowance. The issue of quantum and eligibility u/s 80G was remanded to AO for verification. On short-term capital loss from building, ITAT held that allowability depends on whether the sold asset was the sole asset in the relevant block u/s 50, and remanded the matter to AO for factual verification. Deletion by CIT(A) of addition for alleged excess 24KT gold stock was upheld, and Revenue's appeal was dismissed.
ITAT held that CSR payments, though disallowed as business expenditure u/s 37(1), may still qualify for deduction u/s 80G when computing total taxable income, subject to statutory conditions, and that denying such deduction would amount to impermissible double disallowance. The issue of quantum and eligibility u/s 80G was remanded to AO for verification. On short-term capital loss from building, ITAT held that allowability depends on whether the sold asset was the sole asset in the relevant block u/s 50, and remanded the matter to AO for factual verification. Deletion by CIT(A) of addition for alleged excess 24KT gold stock was upheld, and Revenue's appeal was dismissed.
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