Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Indirect business expenditure comprising statutory audit fees,...
Business upkeep expenses despite no revenue, director's interest-free advances, and property gift additions-disallowances and notional interest deleted
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Indirect business expenditure comprising statutory audit fees, rent, rates and taxes, professional charges and property maintenance was held allowable under s.37(1) as necessary to maintain corporate existence and incurred wholly for business purposes despite no revenue in the year; the disallowance was rejected. Notional interest on interest-free advances to a director was deleted since the advances were old, funded from share capital/free reserves, no interest-bearing funds were used, and only real income is taxable; the addition was unsustainable. Protective addition relating to a property gift was set aside because the assessee had already made and accepted a substantive addition in the subsequent year, rendering protective assessment unwarranted; the Revenue's appeal was dismissed. - ITAT
Indirect business expenditure comprising statutory audit fees, rent, rates and taxes, professional charges and property maintenance was held allowable under s.37(1) as necessary to maintain corporate existence and incurred wholly for business purposes despite no revenue in the year; the disallowance was rejected. Notional interest on interest-free advances to a director was deleted since the advances were old, funded from share capital/free reserves, no interest-bearing funds were used, and only real income is taxable; the addition was unsustainable. Protective addition relating to a property gift was set aside because the assessee had already made and accepted a substantive addition in the subsequent year, rendering protective assessment unwarranted; the Revenue's appeal was dismissed. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4821 
Join Channel 
