Capital Gain Deductibility: proportionate IPO and PMS expenses held allowable against capital gains where netting and nexus to transfer are establishe...
Admissibility of Documentary Evidence: appellate authority may admit self explanatory documents on first production and uphold deletion of unexplained...
Non-consideration of the assessee's replies before forming belief under section 148A(3) violated natural justice and vitiated the reassessment order, because the order merely noted partial bank statements and did not examine the explanations or the commercial rationale and materials produced. The impugned order and consequential notice were quashed, and the matter was remitted for fresh consideration of the genuineness and creditworthiness of the transactions after granting a hearing and passing a reasoned order.
Non-consideration of the assessee's replies before forming belief under section 148A(3) violated natural justice and vitiated the reassessment order, because the order merely noted partial bank statements and did not examine the explanations or the commercial rationale and materials produced. The impugned order and consequential notice were quashed, and the matter was remitted for fresh consideration of the genuineness and creditworthiness of the transactions after granting a hearing and passing a reasoned order.
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