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 deleted additions for alleged bogus purchases of capital assets and other purchases because the assessee substantiated genuineness with invoices, transport documents, bank loan agreement, bank statements and an insurance policy issued after physical inspection of the assets. The tribunal held that the assets were financed by the bank and were in existence, which contradicted the allegation of accommodation entries. It also noted that the assessee had not claimed the capital asset purchases as revenue expenditure in the profit and loss account, and the Assessing Officer relied only on unverified information without independent inquiry. On these facts, the purchases were not bogus and the additions were deleted.
ITAT deleted additions for alleged bogus purchases of capital assets and other purchases because the assessee substantiated genuineness with invoices, transport documents, bank loan agreement, bank statements and an insurance policy issued after physical inspection of the assets. The tribunal held that the assets were financed by the bank and were in existence, which contradicted the allegation of accommodation entries. It also noted that the assessee had not claimed the capital asset purchases as revenue expenditure in the profit and loss account, and the Assessing Officer relied only on unverified information without independent inquiry. On these facts, the purchases were not bogus and the additions were deleted.
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