CIT(A)'s power u/s 251(1) restricted to subject matter assessed ...

Taxpayer Wins: Commissioner Can't Make Fresh Additions, Interest Deduction Allowed If Linked to Dividends.

December 27, 2024

Case Laws Income Tax AT

CIT(A)'s power u/s 251(1) restricted to subject matter assessed by AO. Addition for personal withdrawals not allowed as beyond AO's assessment. Addition for drawings from earlier year upheld as correctly reflected in capital account. Interest expenditure disallowance u/s 57(iii) deleted following coordinate bench ruling allowing deduction having nexus with dividend income. AO directed to recompute interest u/s 234B per earlier ITAT order.

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CIT(A)'s power u/s 251(1) restricted to subject matter assessed ...

Taxpayer Wins: Commissioner Can't Make Fresh Additions, Interest Deduction Allowed If Linked to Dividends.

December 27, 2024

Case Laws Income Tax AT

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