Interest on Wrongful Input Tax Credit is mandatory where excess transitional credit was retained and later reversed, and related objections were rejec...
Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
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.
TaxTMI 
TaxTMI 
of 4821 
Join Channel 
