Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
Uncorroborated WhatsApp chats, incomplete promissory-note images and vague seized notings were treated as insufficient to sustain additions for undisclosed income where no cash trail, confirmations, statements or other primary evidence was produced. Proposed land and flat deals that never materialised could not support investment or on-money additions, and notional interest could not be taxed again where the same income had already been assessed elsewhere. Brokerage arising from intermediary real estate transactions was treated as business income and restricted to 2%, while telescoping of source and application was directed on verification. Jewellery found in a locker was also accepted within the prescribed household limits.
Uncorroborated WhatsApp chats, incomplete promissory-note images and vague seized notings were treated as insufficient to sustain additions for undisclosed income where no cash trail, confirmations, statements or other primary evidence was produced. Proposed land and flat deals that never materialised could not support investment or on-money additions, and notional interest could not be taxed again where the same income had already been assessed elsewhere. Brokerage arising from intermediary real estate transactions was treated as business income and restricted to 2%, while telescoping of source and application was directed on verification. Jewellery found in a locker was also accepted within the prescribed household limits.
Note: It is a system-generated summary and is for quick reference only.
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