Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Expenditure incurred by a society on garba and advertisement was treated as connected with its cultural, social and educational objects, and the mere fact that payments were made to group concerns or that the activity resulted in a loss did not justify disallowance. The Tribunal found no material showing sham, bogus or object-unrelated expenditure, and noted that the authorities had not rejected the books of account under section 145(3) or identified any express defect in the tax audit report. Applying commercial expediency, it held that the tax authorities could not substitute their view for the assessee's business judgment. The loss disallowance was deleted and the appeal was allowed.
Expenditure incurred by a society on garba and advertisement was treated as connected with its cultural, social and educational objects, and the mere fact that payments were made to group concerns or that the activity resulted in a loss did not justify disallowance. The Tribunal found no material showing sham, bogus or object-unrelated expenditure, and noted that the authorities had not rejected the books of account under section 145(3) or identified any express defect in the tax audit report. Applying commercial expediency, it held that the tax authorities could not substitute their view for the assessee's business judgment. The loss disallowance was deleted and the appeal was allowed.
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