Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
Adverse material used to disallow exempt long-term capital gain on off-market share transactions had to be confronted to the assessee before assessment. The ITAT found the appellate relief unsustainable because the finding that notices and third-party responses had not been properly confronted was accepted without verifying the assessment record, and the precedents relied on concerned stock-exchange transactions rather than preferential allotment purchases. It also noted that the SEBI material referred to by the lower authorities was not placed on record. The additions were set aside and the matter was restored to the Assessing Officer for de novo adjudication after supplying all relied-upon material, with all contentions kept open.
Adverse material used to disallow exempt long-term capital gain on off-market share transactions had to be confronted to the assessee before assessment. The ITAT found the appellate relief unsustainable because the finding that notices and third-party responses had not been properly confronted was accepted without verifying the assessment record, and the precedents relied on concerned stock-exchange transactions rather than preferential allotment purchases. It also noted that the SEBI material referred to by the lower authorities was not placed on record. The additions were set aside and the matter was restored to the Assessing Officer for de novo adjudication after supplying all relied-upon material, with all contentions kept open.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4807 
Join Channel 
