Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
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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.
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