Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
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Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
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The Tribunal upheld deletion of the section 14A disallowance, holding that interest-free surplus funds covered the investments and that administrative disallowance could not exceed the consistent 2% approach followed in earlier years. It also sustained treatment of professional fees as revenue expenditure, finding they supported existing business expansion without creating a capital asset or enduring advantage. The bad debt write-off was allowed because post-amendment section 36(1)(vii) requires only an actual write-off in the accounts. Payment for public relation services was held deductible on proof of commercial expediency and receipt of services. Deduction under section 80IA for the captive incinerator facility was sustained on market-value basis and consistency. Interest under section 234A was left for factual verification of timely filing.
The Tribunal upheld deletion of the section 14A disallowance, holding that interest-free surplus funds covered the investments and that administrative disallowance could not exceed the consistent 2% approach followed in earlier years. It also sustained treatment of professional fees as revenue expenditure, finding they supported existing business expansion without creating a capital asset or enduring advantage. The bad debt write-off was allowed because post-amendment section 36(1)(vii) requires only an actual write-off in the accounts. Payment for public relation services was held deductible on proof of commercial expediency and receipt of services. Deduction under section 80IA for the captive incinerator facility was sustained on market-value basis and consistency. Interest under section 234A was left for factual verification of timely filing.
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