Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Section 56(2)(ix) addition on alleged forfeited advance was held unsustainable because the amount received was not an "advance" for transfer of a capital asset but reimbursement/recovery of amounts earlier paid on behalf of the payer; the statutory precondition of receipt of advance was not met, so the addition was deleted. Disallowance under section 57 was rejected since the assessee had disclosed bank interest income and the bank transaction charges were incurred for earning such income and were supported by details; the deduction was allowed. Capital gains computation was corrected as the AO restricted cost of acquisition without reasons or breakup; full claimed cost was accepted, resulting in the declared capital loss being allowed. - ITAT
Section 56(2)(ix) addition on alleged forfeited advance was held unsustainable because the amount received was not an "advance" for transfer of a capital asset but reimbursement/recovery of amounts earlier paid on behalf of the payer; the statutory precondition of receipt of advance was not met, so the addition was deleted. Disallowance under section 57 was rejected since the assessee had disclosed bank interest income and the bank transaction charges were incurred for earning such income and were supported by details; the deduction was allowed. Capital gains computation was corrected as the AO restricted cost of acquisition without reasons or breakup; full claimed cost was accepted, resulting in the declared capital loss being allowed. - ITAT
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