Section 10A and related deductions: Tribunal rejects separate-undertaking claim, but allows loss set-off, ESOP cost and foreign tax credit in principl...
A prior unsuccessful revision under section 264 did not bar the assessee from pursuing the statutory appellate remedy, as the right of appeal is a substantive statutory right and no provision prohibited recourse to appeal after an earlier bona fide attempt at revision. The Tribunal also accepted sufficient cause for the delay before the first appellate authority and rejected the non-maintainability finding. On merits, cash deposits made during demonetisation were supported by bank records and supporting documents showing withdrawals for house construction and their later redeposit, so the addition under section 69A was held to rest on mere guesswork and was deleted.
A prior unsuccessful revision under section 264 did not bar the assessee from pursuing the statutory appellate remedy, as the right of appeal is a substantive statutory right and no provision prohibited recourse to appeal after an earlier bona fide attempt at revision. The Tribunal also accepted sufficient cause for the delay before the first appellate authority and rejected the non-maintainability finding. On merits, cash deposits made during demonetisation were supported by bank records and supporting documents showing withdrawals for house construction and their later redeposit, so the addition under section 69A was held to rest on mere guesswork and was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
