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...
Receipts from sale of fly ash were held taxable as business income because fly ash was a by-product of the assessee's power generation business and the sale consideration accrued directly to the assessee. The Tribunal found no diversion of income at source by overriding title; the Government notification restricted only the subsequent use of the amounts after receipt, which amounted merely to application of income. The plea that the credited sum was a liability failed because no enforceable obligation to pay a definite third-party amount was shown, and book entries placing the receipts in a separate fund could not override the Act. The Revenue's appeals were allowed and the addition was restored for both years.
Receipts from sale of fly ash were held taxable as business income because fly ash was a by-product of the assessee's power generation business and the sale consideration accrued directly to the assessee. The Tribunal found no diversion of income at source by overriding title; the Government notification restricted only the subsequent use of the amounts after receipt, which amounted merely to application of income. The plea that the credited sum was a liability failed because no enforceable obligation to pay a definite third-party amount was shown, and book entries placing the receipts in a separate fund could not override the Act. The Revenue's appeals were allowed and the addition was restored for both years.
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