Time Relevance of Expense: commission deductible when incurred; restructuring transfers, lease obligations upheld; unenforceable sale agreement bars l...
Abuse of dominant position allegations against an exchange found not prima facie; regulator reliance on sectoral expertise upheld and no investigation...
Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
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ITAT determined that excess stock discovered on survey comprised trading/manufacturing goods and constituted income from business; therefore it should be assessed under the head 'income from business' rather than as deemed income attractable to special taxation provisions. The tribunal found admissions during survey and absence of evidence of non-business sources supported business classification, directed the AO to permit set off of current year and carried forward business losses and depreciation against the assessed business income, and directed that special rate taxation provisions not be applied.
ITAT determined that excess stock discovered on survey comprised trading/manufacturing goods and constituted income from business; therefore it should be assessed under the head 'income from business' rather than as deemed income attractable to special taxation provisions. The tribunal found admissions during survey and absence of evidence of non-business sources supported business classification, directed the AO to permit set off of current year and carried forward business losses and depreciation against the assessed business income, and directed that special rate taxation provisions not be applied.
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