Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
GPA coupled with an agreement to sell resulted in the agent becoming the beneficial owner of the residential plot, so the vendor assessed was not liable for capital gains on the transfer since consideration was received by the beneficial owner. Additions under unexplained expenditure for fuel were deleted after finding fuel costs proportionate to transport receipts and no cogent departmental challenge to books; related addition of Rs. 1,45,16,786 was deleted. Bonus payments recorded in books were sustained as legitimate business expenses. Disallowance for non-deduction of tax on interest paid to banks was deleted on exemption and admitted loan amortization evidence; disallowance for interest to NBFCs may be deleted if those recipients have included and paid tax on the amounts.
GPA coupled with an agreement to sell resulted in the agent becoming the beneficial owner of the residential plot, so the vendor assessed was not liable for capital gains on the transfer since consideration was received by the beneficial owner. Additions under unexplained expenditure for fuel were deleted after finding fuel costs proportionate to transport receipts and no cogent departmental challenge to books; related addition of Rs. 1,45,16,786 was deleted. Bonus payments recorded in books were sustained as legitimate business expenses. Disallowance for non-deduction of tax on interest paid to banks was deleted on exemption and admitted loan amortization evidence; disallowance for interest to NBFCs may be deleted if those recipients have included and paid tax on the amounts.
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