Power to receive documentary evidence upheld; documents referred in complaint may be placed on record without amendment where omission was inadvertent...
Proof of foreign public documents requires originals or certified diplomatic/notarial copies; inspection must occur in-magna presence and cross-examin...
Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
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.
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