https://www.taxtmi.com/caselaws?id=783791 Advances/credits arising from purchase and sale of timeshare weeks with group concerns were held to be commercial transactions supported by consideration and indirect tax payment; applying CBDT Circular No. 19/2017, s. 2(22)(e) was inapplicable, and the Revenue's deemed-dividend ground was dismissed. Commission expenditure was allowed because the assessee furnished adequate particulars, non-response/non-confirmation by payees after discontinuance of the arrangement was insufficient to disallow, and there was no evidence of cash-back or unaccounted receipt; the Revenue's ground was dismissed. Depreciation on capitalised timeshare weeks was sustained as part of the building block/cost of improvement, consistent with subsequent-year treatment and taxation of fractional ownership gains; the Revenue's ground was dismissed. Ad hoc disallowance of foreign travel was deleted for lack of method once travel details were produced; the Revenue's ground was dismissed. An assessment framed in the name of an amalgamated, non-existent entity was held void for want of jurisdiction, not curable under s. 292B, and was set aside. en-us Tue, 28 Oct 2025 00:00:00 +0530 Tue, 23 Dec 2025 07:59:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783791 Advances/credits arising from purchase and sale of timeshare weeks with group concerns were held to be commercial transactions supported by consideration and indirect tax payment; applying CBDT Circular No. 19/2017, s. 2(22)(e) was inapplicable, and the Revenue's deemed-dividend ground was dismissed. Commission expenditure was allowed because the assessee furnished adequate particulars, non-response/non-confirmation by payees after discontinuance of the arrangement was insufficient to disallow, and there was no evidence of cash-back or unaccounted receipt; the Revenue's ground was dismissed. Depreciation on capitalised timeshare weeks was sustained as part of the building block/cost of improvement, consistent with subsequent-year treatment and taxation of fractional ownership gains; the Revenue's ground was dismissed. Ad hoc disallowance of foreign travel was deleted for lack of method once travel details were produced; the Revenue's ground was dismissed. An assessment framed in the name of an amalgamated, non-existent entity was held void for want of jurisdiction, not curable under s. 292B, and was set aside. Case-Laws Income Tax Tue, 28 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783791