Retrospective application of beneficial circulars upheld, binding officers and granting post adjudication relief where adjudication occurred after cir...
Admissibility of Investigation Statements requires witness examination before the adjudicating authority; otherwise statements cannot sustain a penalt...
Transaction value and connected person treatment in excise valuation: proprietary concerns not inter connected undertakings, relief on valuation and c...
Appointment of Registrars as adjudicating officers under Companies Act reallocates territorial jurisdiction and sets appeal route to Regional Director...
Composite supply of drilling services and site specific chemicals characterised as composite supply; prior advance rulings set aside, tax rate left op...
Interest paid on a housing loan used to acquire immovable property was held to be a financial liability and not part of the "cost of acquisition" for capital gains purposes; it is deductible, if otherwise permissible, under the head "income from house property" as revenue expenditure, and cannot be capitalised into acquisition cost, resulting in rejection of the related grounds. On an amount paid for delayed possession sought to be treated as part of acquisition cost, the matter was correctly remitted for verification whether it was actually claimed in computation; if not claimed, no disallowance/addition could be made, and the appeal against remand was rejected. - ITAT
Interest paid on a housing loan used to acquire immovable property was held to be a financial liability and not part of the "cost of acquisition" for capital gains purposes; it is deductible, if otherwise permissible, under the head "income from house property" as revenue expenditure, and cannot be capitalised into acquisition cost, resulting in rejection of the related grounds. On an amount paid for delayed possession sought to be treated as part of acquisition cost, the matter was correctly remitted for verification whether it was actually claimed in computation; if not claimed, no disallowance/addition could be made, and the appeal against remand was rejected. - ITAT
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