Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
Admissibility of Investigative Statements invalidated reliance on coerced emails and valuation redetermination, resulting in set aside of penalties an...
Primary issue: whether investments made by the charitable trust in a partnership where a trustee had substantial interest breached the prescribed investment modes in section 11(5) and attracted s.13 disqualification. Reasoning: the investment was not in the modes specified by s.11(5) and the recipient was a related party within s.13, thereby invoking s.13(2)(h) which excludes s.11 exemption; the AO erroneously applied law by allowing the deduction despite audit certification and material on record. Outcome: exemption under s.11 disallowed and income taxable at maximum marginal rate; s.263 revision was rightly invoked. - ITAT
Primary issue: whether investments made by the charitable trust in a partnership where a trustee had substantial interest breached the prescribed investment modes in section 11(5) and attracted s.13 disqualification. Reasoning: the investment was not in the modes specified by s.11(5) and the recipient was a related party within s.13, thereby invoking s.13(2)(h) which excludes s.11 exemption; the AO erroneously applied law by allowing the deduction despite audit certification and material on record. Outcome: exemption under s.11 disallowed and income taxable at maximum marginal rate; s.263 revision was rightly invoked. - ITAT
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