Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Reopening under section 147 failed because the Assessing Officer merely reproduced Investigation Wing material and third-party statements without independent enquiry or a live nexus to the assessee's alleged escaped income; the notice under section 148 and the reassessment were therefore bad in law. On the addition under section 68, the assessee produced ledger accounts, bank statements, confirmations, returns, financial statements and related memoranda showing advances for land procurement and project development, with the funds routed through banking channels and later repaid. The Tribunal held that these primary documents established identity, creditworthiness and genuineness, and that untested third-party statements could not displace them without specific enquiry. The addition was deleted.
Reopening under section 147 failed because the Assessing Officer merely reproduced Investigation Wing material and third-party statements without independent enquiry or a live nexus to the assessee's alleged escaped income; the notice under section 148 and the reassessment were therefore bad in law. On the addition under section 68, the assessee produced ledger accounts, bank statements, confirmations, returns, financial statements and related memoranda showing advances for land procurement and project development, with the funds routed through banking channels and later repaid. The Tribunal held that these primary documents established identity, creditworthiness and genuineness, and that untested third-party statements could not displace them without specific enquiry. The addition was deleted.
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