https://www.taxtmi.com/caselaws?id=450250 ITAT Delhi remitted the matter of non-genuine long-term capital loss to AO for fresh examination, finding inadequate inquiry by AO and improper valuation by CIT(A) without giving assessee opportunity to rebut. The tribunal upheld CIT(A)'s deletion of prior period expenses disallowance, noting double addition already corrected under section 154. Regarding gifts and presents, ITAT reversed authorities' ad hoc addition, allowing entire expenditure. Miscellaneous expenses addition was deleted as AO failed to prove expenditure was non-business related. Advisory fee disallowance was found unjustified under section 48, being wholly connected to capital asset transfer. Upfront fee and royalty payment additions were correctly deleted by CIT(A) as allowable revenue expenditure. en-us Tue, 27 Feb 2024 00:00:00 +0530 Thu, 29 Feb 2024 18:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450250 ITAT Delhi remitted the matter of non-genuine long-term capital loss to AO for fresh examination, finding inadequate inquiry by AO and improper valuation by CIT(A) without giving assessee opportunity to rebut. The tribunal upheld CIT(A)'s deletion of prior period expenses disallowance, noting double addition already corrected under section 154. Regarding gifts and presents, ITAT reversed authorities' ad hoc addition, allowing entire expenditure. Miscellaneous expenses addition was deleted as AO failed to prove expenditure was non-business related. Advisory fee disallowance was found unjustified under section 48, being wholly connected to capital asset transfer. Upfront fee and royalty payment additions were correctly deleted by CIT(A) as allowable revenue expenditure. Case-Laws Income Tax Tue, 27 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450250