Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
Expenditure relating to a discontinued business remained allowable where the assessee had separately disclosed the operation, revenue, expenses and loss in audited financial statements and notes to accounts, and the Assessing Officer had found no item to be unvouched, unsupported or not for business purposes. The Tribunal held that such loss could not be curtailed on a proportionate basis merely because the common expenses were not submitted to the slump sale valuer. The valuation report was relevant only for capital gains computation and did not govern deductibility under section 37(1). The Revenue's challenge failed and the deletion of the disallowance was upheld.
Expenditure relating to a discontinued business remained allowable where the assessee had separately disclosed the operation, revenue, expenses and loss in audited financial statements and notes to accounts, and the Assessing Officer had found no item to be unvouched, unsupported or not for business purposes. The Tribunal held that such loss could not be curtailed on a proportionate basis merely because the common expenses were not submitted to the slump sale valuer. The valuation report was relevant only for capital gains computation and did not govern deductibility under section 37(1). The Revenue's challenge failed and the deletion of the disallowance was upheld.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
