Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
Administrative fraud classification suspension does not halt independent criminal investigation or warrant-based searches into alleged economic offenc...
Where additional income declared during search was credited as loans, it was held that, since the taxpayer's only activity was land trading and the amount was already offered and accepted as business income, it could not be taxed as unexplained cash credit under s.68 read with s.115BBE; the addition was deleted. On alleged on-money enhancing capital gains, unsigned and undated seized notings and lack of corroboration, coupled with some plots not being sold as alleged, were held insufficient; the addition was deleted. Direction to verify telescoping/set-off of disclosed income against other additions was sustained. Deletion of s.69C addition was upheld for want of error in appreciation of explained expenditure. Addition under s.69 read with s.115BBE based on cancelled loose-paper notings, without corroboration, was set aside. - ITAT
Where additional income declared during search was credited as loans, it was held that, since the taxpayer's only activity was land trading and the amount was already offered and accepted as business income, it could not be taxed as unexplained cash credit under s.68 read with s.115BBE; the addition was deleted. On alleged on-money enhancing capital gains, unsigned and undated seized notings and lack of corroboration, coupled with some plots not being sold as alleged, were held insufficient; the addition was deleted. Direction to verify telescoping/set-off of disclosed income against other additions was sustained. Deletion of s.69C addition was upheld for want of error in appreciation of explained expenditure. Addition under s.69 read with s.115BBE based on cancelled loose-paper notings, without corroboration, was set aside. - ITAT
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