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...
ITAT held that an ad hoc 20% disallowance of truck rent expenses could not stand where the assessee had filed supporting details, sample invoices and vehicle registration papers, but the AO had not made proper verification, enquiries or rejected the books of account. As similar expenditure in the assessee's own earlier year had been restricted to 2% by a speaking order, and no distinguishing facts were shown, the disallowance was confined to 2%. The separate addition relating to unpaid motor truck rent was not upheld on the existing record and was remanded to the AO for verification after giving the assessee one further opportunity of hearing.
ITAT held that an ad hoc 20% disallowance of truck rent expenses could not stand where the assessee had filed supporting details, sample invoices and vehicle registration papers, but the AO had not made proper verification, enquiries or rejected the books of account. As similar expenditure in the assessee's own earlier year had been restricted to 2% by a speaking order, and no distinguishing facts were shown, the disallowance was confined to 2%. The separate addition relating to unpaid motor truck rent was not upheld on the existing record and was remanded to the AO for verification after giving the assessee one further opportunity of hearing.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
