https://www.taxtmi.com/caselaws?id=430461 The ITAT Ahmedabad ruled on multiple tax issues for a BIFR company. The tribunal allowed deduction of NSEL trading losses as business losses rather than speculative losses, finding transactions were genuine business activities for fund raising. Full depreciation was granted on plant ready for use. Transaction charges were allowed as business expenditure. Debit notes from related party were accepted as legitimate business expenses. However, disallowances were upheld for transaction charges without TDS deduction and employee PF/ESI contributions. Several issues including business loss claims, purchase genuineness, and unexplained sales were remanded to the Assessing Officer for fresh examination with proper verification. en-us Wed, 16 Nov 2022 00:00:00 +0530 Mon, 02 Jun 2025 13:12:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430461 The ITAT Ahmedabad ruled on multiple tax issues for a BIFR company. The tribunal allowed deduction of NSEL trading losses as business losses rather than speculative losses, finding transactions were genuine business activities for fund raising. Full depreciation was granted on plant ready for use. Transaction charges were allowed as business expenditure. Debit notes from related party were accepted as legitimate business expenses. However, disallowances were upheld for transaction charges without TDS deduction and employee PF/ESI contributions. Several issues including business loss claims, purchase genuineness, and unexplained sales were remanded to the Assessing Officer for fresh examination with proper verification. Case-Laws Income Tax Wed, 16 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430461