Reassessment for unreturned property sales survives where transfer information, non-filing, and unsupported exemption claims establish a prima facie l...
Profit-element taxation limits additions for unaccounted flat-sale receipts and grey-market purchases, while reliable search records support partial a...
Non-participating bidders cannot disturb concluded liquidation sales on speculative prejudice, while costs for such challenges must remain proportiona...
Reassessment proceedings require the Assessing Officer to furnish recorded reasons on the taxpayer's request and dispose of objections before continuing the reassessment; non-compliance renders the reassessment unsustainable. For alleged bogus long-term capital gains, contemporaneous banking and demat records, contract notes, securities transaction tax evidence, and proof of share acquisition and sale can establish transaction genuineness. General investigation material or suspicion, without cogent evidence linking the taxpayer to accommodation entries or cash payments to an entry provider, cannot displace that evidence. Additions for unexplained share-sale proceeds and consequential alleged commission were deleted.
Reassessment proceedings require the Assessing Officer to furnish recorded reasons on the taxpayer's request and dispose of objections before continuing the reassessment; non-compliance renders the reassessment unsustainable. For alleged bogus long-term capital gains, contemporaneous banking and demat records, contract notes, securities transaction tax evidence, and proof of share acquisition and sale can establish transaction genuineness. General investigation material or suspicion, without cogent evidence linking the taxpayer to accommodation entries or cash payments to an entry provider, cannot displace that evidence. Additions for unexplained share-sale proceeds and consequential alleged commission were deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4888 
