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...
Expenses incurred predominantly for issuance of compulsorily convertible debentures were held to be revenue in nature since such instruments constitute borrowing and the amortisation regime under s.35D was inapplicable; the disallowance of alleged share issue expenses was therefore rightly deleted. Addition under s.68 for funds received against such debentures was unsustainable as the assessee proved identity, genuineness through banking channels, and creditworthiness through financial records, and the "source of source" requirement inserted w.e.f. AY 2023-24 was held inapplicable; the deletion was upheld. Professional consultancy charges for project viability were allowable u/s 37(1) as incurred wholly and exclusively for business expediency, warranting deletion of the disallowance; appeal allowed. - ITAT
Expenses incurred predominantly for issuance of compulsorily convertible debentures were held to be revenue in nature since such instruments constitute borrowing and the amortisation regime under s.35D was inapplicable; the disallowance of alleged share issue expenses was therefore rightly deleted. Addition under s.68 for funds received against such debentures was unsustainable as the assessee proved identity, genuineness through banking channels, and creditworthiness through financial records, and the "source of source" requirement inserted w.e.f. AY 2023-24 was held inapplicable; the deletion was upheld. Professional consultancy charges for project viability were allowable u/s 37(1) as incurred wholly and exclusively for business expediency, warranting deletion of the disallowance; appeal allowed. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4821 
Join Channel 
