Commitment proceedings gain extended timelines, structured defect refiling, and automatic resumption of inquiry after the adjusted completion period e...
Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
Enhanced tax rate on surrendered unexplained income applies prospectively, while cash-deposit telescoping requires verification of available surrender...
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Telescoping of commission income already offered was confined to the net income returned and not to the gross profit claimed, where the assessee's business transactions were found to be bogus and commission income was to be estimated on the reported turnover and fresh investments. The recomputation was directed on that basis after reducing the income already declared. Cash deposits during the demonetisation period were held explained by earlier cash withdrawals, supported by date-wise details, bank statements and books of account, so the unexplained-money addition was deleted. Self-assessment tax credit reflected in Form 26AS was directed to be allowed after verification by the AO.
Telescoping of commission income already offered was confined to the net income returned and not to the gross profit claimed, where the assessee's business transactions were found to be bogus and commission income was to be estimated on the reported turnover and fresh investments. The recomputation was directed on that basis after reducing the income already declared. Cash deposits during the demonetisation period were held explained by earlier cash withdrawals, supported by date-wise details, bank statements and books of account, so the unexplained-money addition was deleted. Self-assessment tax credit reflected in Form 26AS was directed to be allowed after verification by the AO.
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