Business upkeep expenses despite no revenue, director's interest-free advances, and property gift additions-disallowances and notional interest delete...
Insolvency resolution plan's loan assignment between approving and dissenting creditors: post-approval redistribution blocked; original distribution e...
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Where the tax authority replaced the consistently accepted project completion method with percentage completion for a single year to tax alleged undisclosed profit admitted in a sworn statement, the tribunal held that, absent any change in facts or law, the revenue could not unilaterally substitute the method of revenue recognition, and an addition based only on a survey/statement without corroborative evidence was unsustainable; the deletion of the undisclosed-profit addition was upheld. On stamp valuation adjustment, the tribunal held the 10% tolerance band in the amended proviso to section 43CA(1) is curative and applies retrospectively; since the variation was 7%, the section 43CA addition was deleted. Revenue's appeal was dismissed. - ITAT
Where the tax authority replaced the consistently accepted project completion method with percentage completion for a single year to tax alleged undisclosed profit admitted in a sworn statement, the tribunal held that, absent any change in facts or law, the revenue could not unilaterally substitute the method of revenue recognition, and an addition based only on a survey/statement without corroborative evidence was unsustainable; the deletion of the undisclosed-profit addition was upheld. On stamp valuation adjustment, the tribunal held the 10% tolerance band in the amended proviso to section 43CA(1) is curative and applies retrospectively; since the variation was 7%, the section 43CA addition was deleted. Revenue's appeal was dismissed. - ITAT
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