Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
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Compensation paid under cancellation arrangements for share-sale agreements was treated as deductible expenditure in computing long-term capital gains because the transaction was found genuine and not a colourable device. The payment had a direct nexus with the eventual transfer of shares at a higher price and was accepted as expenditure incurred wholly and exclusively in connection with the transfer. The objection based on Rule 46A also failed because the material was already in the public domain and, in any event, the Commissioner (Appeals) may make further inquiry where the Assessing Officer has not done so. The disallowance was deleted.
Compensation paid under cancellation arrangements for share-sale agreements was treated as deductible expenditure in computing long-term capital gains because the transaction was found genuine and not a colourable device. The payment had a direct nexus with the eventual transfer of shares at a higher price and was accepted as expenditure incurred wholly and exclusively in connection with the transfer. The objection based on Rule 46A also failed because the material was already in the public domain and, in any event, the Commissioner (Appeals) may make further inquiry where the Assessing Officer has not done so. The disallowance was deleted.
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