Search and seizure: abatement of earlier search bars use of prior seized material in later search-based assessments; relief limited to new documents f...
Admission of additional evidence under remand rules must await a meaningful remand report; failure to do so breaches natural justice and mandates rema...
Export Obligation Discharge Certificates for EPCG compliance cannot be questioned by Customs unless DGFT adjudicates and cancels them, so demands quas...
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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