Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
Customs valuation must use comparable contemporary imports, while confiscation fines and penalties require proportionate recalculation on reassessed v...
The ITAT addressed multiple revenue and business expense issues, holding that advances from customers already accounted for under sale agreements or the Percentage of Completion Method could not be added again, and that notional interest on business advances or imprest could not be taxed as hypothetical income. It sustained deletion of disallowances where invoices, payment evidence, or business nexus were verified, but upheld a disallowance for advertisement expense found unrelated to business. It also held that section 14A disallowance could not survive in the absence of exempt income, and accepted prior period expenses where liability had crystallized. Certain issues on revised computation, advertisement, consultancy and withholding tax were remanded for verification, while employee accommodation commission and brokerage and write-off of advances were allowed as deductible business loss.
The ITAT addressed multiple revenue and business expense issues, holding that advances from customers already accounted for under sale agreements or the Percentage of Completion Method could not be added again, and that notional interest on business advances or imprest could not be taxed as hypothetical income. It sustained deletion of disallowances where invoices, payment evidence, or business nexus were verified, but upheld a disallowance for advertisement expense found unrelated to business. It also held that section 14A disallowance could not survive in the absence of exempt income, and accepted prior period expenses where liability had crystallized. Certain issues on revised computation, advertisement, consultancy and withholding tax were remanded for verification, while employee accommodation commission and brokerage and write-off of advances were allowed as deductible business loss.
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