Electronic WhatsApp evidence without authentication or independent corroboration cannot sustain an unexplained-investment addition based on third-part...
Mutual current-account transactions excluded from deemed dividend treatment where no fresh borrowing arose; unsupported unsecured-loan addition also f...
Whether the payment made to a stock exchange for shortfall in margin money constitutes an inadmissible "penalty" disallowable under s. 37 was the dominant issue. Relying on binding precedent holding that such sums are compensatory in nature and incurred in the course of business, the tribunal held that the payment cannot be treated as an offence-related penalty attracting disallowance under s. 37. Consequently, the disallowance sustained by the first appellate authority was set aside and the deduction was allowed. - ITAT
Whether the payment made to a stock exchange for shortfall in margin money constitutes an inadmissible "penalty" disallowable under s. 37 was the dominant issue. Relying on binding precedent holding that such sums are compensatory in nature and incurred in the course of business, the tribunal held that the payment cannot be treated as an offence-related penalty attracting disallowance under s. 37. Consequently, the disallowance sustained by the first appellate authority was set aside and the deduction was allowed. - ITAT
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