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...
The ITAT held that an alleged unexplained investment in shares must be assessed in the correct year of taxability. On the basis of the contract-cum-bill, the broker's ledger and IDS disclosure material, it found that the shares were purchased on 02.07.2010, so the investment fell in AY 2011-12 and not AY 2012-13. The addition made in AY 2012-13 was therefore deleted and the appellate order set aside. The Tribunal left it open to the Assessing Officer to examine the source of the investment in the year of purchase in accordance with law.
The ITAT held that an alleged unexplained investment in shares must be assessed in the correct year of taxability. On the basis of the contract-cum-bill, the broker's ledger and IDS disclosure material, it found that the shares were purchased on 02.07.2010, so the investment fell in AY 2011-12 and not AY 2012-13. The addition made in AY 2012-13 was therefore deleted and the appellate order set aside. The Tribunal left it open to the Assessing Officer to examine the source of the investment in the year of purchase in accordance with law.
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