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Expenditure of ₹4.49 crore incurred on maintenance dredging for removal of natural siltation and restoration of the existing operational depth of the jetty constituted revenue expenditure allowable under section 37(1). Accordingly, the disallowance made by AO and sustained by CIT(A) was deleted.
The Tribunal held that a reassessment order making no new additions does not merge with the original assessment so as to permit challenge to issues accepted earlier. The original disallowance remained unaffected.
ITAT Delhi held that donations forming part of CSR expenditure are eligible for deduction under Section 80G if the statutory conditions are satisfied. The Tribunal ruled that disallowance under Section 37(1) does not bar a separate deduction under Chapter VI-A.
Tribunal held that the estimated disallowance under Section 14A should be restricted and should not form part of book profits, following the Special Bench decision in Vireet Investments Pvt. Ltd.
The Hyderabad ITAT held that incomplete data retrieved from an inoperative computer could not prevail over audited books of account. It deleted the addition after finding no evidence of suppressed receipts or unexplained expenditure.
The ITAT Delhi held that a consolidated satisfaction note covering several assessment years without year-specific analysis failed to satisfy the mandatory requirements of Section 153C. It quashed the assessment and dismissed the Revenue’s appeal.
The Tribunal affirmed the CIT(A)’s order annulling assessments because the search was not conducted in the assessee’s name. It also noted that the Revenue’s appeals were not maintainable due to the low tax effect.
The ITAT Mumbai held that the assessee’s convertible debentures lacked the liability component required for classification as Compound Financial Instruments. Consequently, they could not be treated as transition amount under Section 115JB(2C).
The Bombay High Court held that bad debt deduction cannot be denied where the debt was effectively written off through accounting entries despite the debtor’s account remaining open due to pending litigation. The ruling emphasizes substance over accounting form.
ITAT Hyderabad held that the assessee was denied a fair hearing because appellate notices were not served in the mode opted in Form 35. The case was remanded to the CIT(A) for fresh adjudication after providing a proper opportunity.
