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...
Assessing Officer's suo motu computation of net profit based solely on a survey statement without rejecting books or affording explanation was held arbitrary and the addition deleted. Alleged deemed sales of four parking spaces lacked contemporaneous stock records; Tribunal remitted the matter for fresh verification and afforded the assessee a hearing. Interest on unsecured loans capitalised as part of Work in Progress for a real estate developer was treated as business expenditure (acquisition/holding of land as inventory) and the AO's disallowance of such capitalised interest was reversed.
Assessing Officer's suo motu computation of net profit based solely on a survey statement without rejecting books or affording explanation was held arbitrary and the addition deleted. Alleged deemed sales of four parking spaces lacked contemporaneous stock records; Tribunal remitted the matter for fresh verification and afforded the assessee a hearing. Interest on unsecured loans capitalised as part of Work in Progress for a real estate developer was treated as business expenditure (acquisition/holding of land as inventory) and the AO's disallowance of such capitalised interest was reversed.
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