The Court held that Section 263 could not be invoked where the AO had made inquiries and accepted the assessee’s explanation.
The Court held that Section 263 could not be invoked where the AO had raised queries, examined replies and completed the assessment.
ITAT held that stamp duty paid for lease registration was deductible as revenue expenditure in the year it was incurred.
The Tribunal upheld the set-off of eligible unit losses against other business profits by following binding judicial precedents.
The Tribunal allowed 60% depreciation and deleted TDS disallowance after distinguishing a copyrighted article from copyright.
ITAT held that subsidy recognised as income could be claimed as bad debt when it became unrecoverable, even if written off in the same year.
ITAT held that the AO could not change the valuation method adopted under Rule 11UA and deleted the addition under Section 56(2)(viib).
ITAT accepted the Section 158A declaration and directed the AO to apply the High Court’s final ruling to the relevant assessment year.
The High Court dismissed the Revenue’s appeals as infructuous after the Tribunal disposed of the main appeals, leaving the legal questions open.
ITAT deleted the addition after holding that a retracted statement alone could not justify it where documentary evidence supporting purchases remained uncontroverted.
