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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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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