Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Assessee successfully contested disallowances: the Tribunal found proportionate interest disallowance under section 36(1)(iii) unjustified because loans and advances were funded from the assessee's own interest-free funds and repayments demonstrated genuineness; reimbursement payments for staff training to Mahindra & Mahindra Ltd. did not attract TDS under section 194C and so section 40(a)(ia) disallowance was deleted; discrepancies between income in the return and Form 26AS were attributable to legitimate business adjustments and the assessee explained RTO reimbursements, so additions and the section 40A(3) cash expenditure disallowance were deleted. The appeal was allowed in entirety.
Assessee successfully contested disallowances: the Tribunal found proportionate interest disallowance under section 36(1)(iii) unjustified because loans and advances were funded from the assessee's own interest-free funds and repayments demonstrated genuineness; reimbursement payments for staff training to Mahindra & Mahindra Ltd. did not attract TDS under section 194C and so section 40(a)(ia) disallowance was deleted; discrepancies between income in the return and Form 26AS were attributable to legitimate business adjustments and the assessee explained RTO reimbursements, so additions and the section 40A(3) cash expenditure disallowance were deleted. The appeal was allowed in entirety.
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