Sunday, March 16, 2014

The Mumbai Bench of ITAT has held the following:

Section 68 – Revenue is fully entitled to rely on reports of its investigation wing which entailed serious doubt with regard to genuineness of share application money; however, assessee is to be given opportunity to confront those materials.

Section 73 - In absence business activity during year, loss on account of valuation of inventories, should be treated as speculation loss.

Section 234B - If working of interest is not repugnant to law, same is to be upheld.

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