Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets...
Exclusion of limitation period: pandemic suspension plus debtor acknowledgement can extend limitation, requiring fresh factfinding on guarantee invoca...
Disallowance under s.14A was unsustainable because the AO enhanced the disallowance despite the assessee's detailed working, without examining the accounts to record the mandatory dissatisfaction with the assessee's computation; deletion of the additional disallowance was upheld. Addition of the s.14A amount while computing book profit under s.115JB was impermissible in law, consistent with binding precedent that such disallowance cannot be mechanically added back; the MAT adjustment was deleted. Deduction under s.35(2AB) could not be denied merely for non-availability of DSIR Form 3CL during assessment when the form was subsequently issued and covered the relevant expenditure; the deduction was allowed. - ITAT
Disallowance under s.14A was unsustainable because the AO enhanced the disallowance despite the assessee's detailed working, without examining the accounts to record the mandatory dissatisfaction with the assessee's computation; deletion of the additional disallowance was upheld. Addition of the s.14A amount while computing book profit under s.115JB was impermissible in law, consistent with binding precedent that such disallowance cannot be mechanically added back; the MAT adjustment was deleted. Deduction under s.35(2AB) could not be denied merely for non-availability of DSIR Form 3CL during assessment when the form was subsequently issued and covered the relevant expenditure; the deduction was allowed. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
