Capital Gain Deductibility: proportionate IPO and PMS expenses held allowable against capital gains where netting and nexus to transfer are establishe...
Admissibility of Documentary Evidence: appellate authority may admit self explanatory documents on first production and uphold deletion of unexplained...
Addition under section 40A(2)(b) challenged as based solely on a statement under section 132(4). The tribunal found the assessing officer relied on a misattributed statement (it belonged to a different declarant) and, following precedent that uncorroborated admissions during search cannot alone support assessments, held such statements do not justify additions absent independent evidence - consequence: the addition could not be sustained. Further, the recipient had declared the remuneration and comparative tax consequence showed no tax avoidance motive - consequence: deduction disallowed by AO was deleted and the appeal allowed. - ITAT
Addition under section 40A(2)(b) challenged as based solely on a statement under section 132(4). The tribunal found the assessing officer relied on a misattributed statement (it belonged to a different declarant) and, following precedent that uncorroborated admissions during search cannot alone support assessments, held such statements do not justify additions absent independent evidence - consequence: the addition could not be sustained. Further, the recipient had declared the remuneration and comparative tax consequence showed no tax avoidance motive - consequence: deduction disallowed by AO was deleted and the appeal allowed. - ITAT
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