Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
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ITAT partly allowed the assessee's appeal. Disallowance of interest on housing loan under s.24(b) and deduction under s.80C towards principal repayment were upheld as no housing loan certificate or sanction letter was produced. Disallowances on sales promotion, travelling expenses, accounting and consultancy charges, bonus and ex gratia, and addition relating to unexplained capital introduction treated as income from other sources were also confirmed for failure to substantiate genuineness and business nexus. Disallowance of consultancy charges and addition under s.68 towards unsecured loans were set aside to the AO for de novo adjudication. On GST disallowance under s.43B, AO was directed to verify actual payment before return filing; this ground was allowed for statistical purposes.
ITAT partly allowed the assessee's appeal. Disallowance of interest on housing loan under s.24(b) and deduction under s.80C towards principal repayment were upheld as no housing loan certificate or sanction letter was produced. Disallowances on sales promotion, travelling expenses, accounting and consultancy charges, bonus and ex gratia, and addition relating to unexplained capital introduction treated as income from other sources were also confirmed for failure to substantiate genuineness and business nexus. Disallowance of consultancy charges and addition under s.68 towards unsecured loans were set aside to the AO for de novo adjudication. On GST disallowance under s.43B, AO was directed to verify actual payment before return filing; this ground was allowed for statistical purposes.
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