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...
Broker trading-system "technical glitch" redefinition and narrowed incident-reporting regime for large IBT/STWT brokers requiring 2-hr notice and 14-w...
Repairs and maintenance on plant and machinery were examined to determine whether the outlay was capital or revenue. Since the expenditure involved only minor replacement of parts/pipelines and components of the effluent treatment system due to wear and tear, without replacement of an entire plant or creation of an enduring advantage, it was held to be revenue in nature; the enhanced disallowance was deleted. Professional fees were assessed for allowability under s. 37(1) where the authority treated certain items as relating to fresh share capital. Fees for share transfer work, reconciliation for share capital audit reporting, and listing of equity shares were held not to be for capital expansion and were allowed as revenue expenditure; the related disallowance was directed to be deleted. - ITAT
Repairs and maintenance on plant and machinery were examined to determine whether the outlay was capital or revenue. Since the expenditure involved only minor replacement of parts/pipelines and components of the effluent treatment system due to wear and tear, without replacement of an entire plant or creation of an enduring advantage, it was held to be revenue in nature; the enhanced disallowance was deleted. Professional fees were assessed for allowability under s. 37(1) where the authority treated certain items as relating to fresh share capital. Fees for share transfer work, reconciliation for share capital audit reporting, and listing of equity shares were held not to be for capital expansion and were allowed as revenue expenditure; the related disallowance was directed to be deleted. - ITAT
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