Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
Customs Cargo Service Provider appointment extends custodianship to additional terminal land, subject to cargo-control, security and licence condition...
In completed assessments under section 153A, additions can be...
Search assessment and multiplex lease receipts: incriminating material limits additions, but commercial exploitation supported business income treatment.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
In completed assessments under section 153A, additions can be made only on the basis of incriminating material having a live nexus with undisclosed income; the seized loose sheet and sub-lease agreement did not meet that test for the unabated years, so the additions for A.Ys. 2013-14 to 2016-17 were deleted. For A.Y. 2017-18, the year was abated, and for A.Y. 2018-19, assessed as the search year, the absence of incriminating material did not bar a fresh assessment, so that jurisdictional objection failed. On merits, receipts from the multiplex lease were treated as business income because the asset was commercially exploited under a structured arrangement, and the receipts had consistently been disclosed on that basis.
In completed assessments under section 153A, additions can be made only on the basis of incriminating material having a live nexus with undisclosed income; the seized loose sheet and sub-lease agreement did not meet that test for the unabated years, so the additions for A.Ys. 2013-14 to 2016-17 were deleted. For A.Y. 2017-18, the year was abated, and for A.Y. 2018-19, assessed as the search year, the absence of incriminating material did not bar a fresh assessment, so that jurisdictional objection failed. On merits, receipts from the multiplex lease were treated as business income because the asset was commercially exploited under a structured arrangement, and the receipts had consistently been disclosed on that basis.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
