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...
ITAT held that reopening for AY 2016-17 failed because the Revenue did not allege escapement represented in the form of an asset, so jurisdiction under the search-based block was invalid; the assessment was quashed. It also held that the enhanced tax rate under section 115BBE applied only from 01.04.2017, so it could not be levied for AY 2017-18. Additions for alleged over-invoicing and bogus purchases were deleted because the books and quantitative records were not rejected and the claimed purchases matched the amounts actually billed and paid. CSR expenditure remained disallowable as business expense, but the alternative deduction claim was remanded for fresh examination.
ITAT held that reopening for AY 2016-17 failed because the Revenue did not allege escapement represented in the form of an asset, so jurisdiction under the search-based block was invalid; the assessment was quashed. It also held that the enhanced tax rate under section 115BBE applied only from 01.04.2017, so it could not be levied for AY 2017-18. Additions for alleged over-invoicing and bogus purchases were deleted because the books and quantitative records were not rejected and the claimed purchases matched the amounts actually billed and paid. CSR expenditure remained disallowable as business expense, but the alternative deduction claim was remanded for fresh examination.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
