Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets...
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The Tribunal dealt with three business expenditure claims. It deleted disallowance of input tax credit reversal because the amount was shown to form part of total project cost and was apportioned between cost of sales and closing work-in-progress, so the factual basis for rejection failed. It remanded the claim for advances written off as trading loss because the assessee had to first establish business purpose and irrecoverability, and was allowed to produce further evidence. It sustained disallowance of social activity and charitable expenditure, holding that charitable outlays and an unexplained training fee had no demonstrated nexus with the real estate business.
The Tribunal dealt with three business expenditure claims. It deleted disallowance of input tax credit reversal because the amount was shown to form part of total project cost and was apportioned between cost of sales and closing work-in-progress, so the factual basis for rejection failed. It remanded the claim for advances written off as trading loss because the assessee had to first establish business purpose and irrecoverability, and was allowed to produce further evidence. It sustained disallowance of social activity and charitable expenditure, holding that charitable outlays and an unexplained training fee had no demonstrated nexus with the real estate business.
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