Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
Admissibility of Investigative Statements invalidated reliance on coerced emails and valuation redetermination, resulting in set aside of penalties an...
Classification of printed technical documents: specific Chapter 49.01 entry prevails, enabling claimed customs exemptions for imported manuals and rep...
Penalty under section 271D could not be sustained because the foundational allegation of acceptance of a cash loan was not conclusively established. The Tribunal noted that the assessment based on a seized loose paper and the lender's statement had already been quashed on a legal ground, leaving no final finding that the assessee had actually availed the loan. It also found that the alleged broker's identity was not established and no enquiry was made, so the claimed contravention of section 269SS remained unproved. The penalty was therefore directed to be deleted and the appeal was allowed.
Penalty under section 271D could not be sustained because the foundational allegation of acceptance of a cash loan was not conclusively established. The Tribunal noted that the assessment based on a seized loose paper and the lender's statement had already been quashed on a legal ground, leaving no final finding that the assessee had actually availed the loan. It also found that the alleged broker's identity was not established and no enquiry was made, so the claimed contravention of section 269SS remained unproved. The penalty was therefore directed to be deleted and the appeal was allowed.
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