Dividend and Interest Income Additions Deleted for Shares Under Special Court Custody; Business Expenses Allowed

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....The ITAT deleted additions related to dividend and interest income, holding that dividend could not be assessed in the hands of the appellant for unregistered shares, especially considering the shares belonged to a notified person under custody of the Special Court. Additions for unexplained share investments were deleted after considering bonus shares. Interest income additions were also deleted as relevant documents were in possession of the Income Tax Department or Custodian. Various expense disallowances including interest on debenture call money and share trading losses were reversed, with the Tribunal finding that accounting and auditing expenses were incurred for business purposes and therefore allowable. Following its earlier decision in the appellant's case for AY 1991-92, the ITAT directed the AO to allow the entire claim of interest expenditure.....