Search and seizure: abatement of earlier search bars use of prior seized material in later search-based assessments; relief limited to new documents f...
Admission of additional evidence under remand rules must await a meaningful remand report; failure to do so breaches natural justice and mandates rema...
Deduction of interest on borrowed funds for acquisition of a commercial property was denied as business expenditure under s.36(1)(iii) because the assessee failed to establish that the property was acquired for, or actually used in, the assessee's business; the disallowance as business interest was upheld. However, since the property was not occupied for business purposes, its annual value was taxable under the head "Income from House Property," and interest on borrowing for acquisition was in principle deductible under s.24(b) against such annual value; the matter was remanded to the AO to compute annual value under s.23 and allow the corresponding s.24(b) deduction after hearing the assessee. - ITAT
Deduction of interest on borrowed funds for acquisition of a commercial property was denied as business expenditure under s.36(1)(iii) because the assessee failed to establish that the property was acquired for, or actually used in, the assessee's business; the disallowance as business interest was upheld. However, since the property was not occupied for business purposes, its annual value was taxable under the head "Income from House Property," and interest on borrowing for acquisition was in principle deductible under s.24(b) against such annual value; the matter was remanded to the AO to compute annual value under s.23 and allow the corresponding s.24(b) deduction after hearing the assessee. - ITAT
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