Charitable sports promotion: sponsorship receipts alone did not defeat registration where funds supported tournaments and player development activitie...
Overdue associated-enterprise receivables: debt-free status defeated notional-interest adjustment, while employee stock-option costs qualified as busi...
Retrospective assessment-limitation amendments validate final orders while contemporaneous segment data governs transfer-pricing comparability and tol...
Transfer pricing adjustments must track international transactions, while unsupported AMP adjustments and unsuitable manufacturing comparables require...
Reassessment initiated in the name of a deceased assessee is invalid, and the resulting notice and order cannot be sustained where section 159(2)(b) applies. For extended reassessment limitation, capital gains from land may constitute income represented in the form of an asset when the sale proceeds are deposited in a bank account, because bank deposits fall within the inclusive statutory explanation. Reassessment for alleged understatement of capital gains cannot rest solely on a co-owner's valuation report. The Assessing Officer must undertake an appropriate independent valuation inquiry, examine valuation methodology, apply independent mind, and form the required belief of income escaping assessment.
Reassessment initiated in the name of a deceased assessee is invalid, and the resulting notice and order cannot be sustained where section 159(2)(b) applies. For extended reassessment limitation, capital gains from land may constitute income represented in the form of an asset when the sale proceeds are deposited in a bank account, because bank deposits fall within the inclusive statutory explanation. Reassessment for alleged understatement of capital gains cannot rest solely on a co-owner's valuation report. The Assessing Officer must undertake an appropriate independent valuation inquiry, examine valuation methodology, apply independent mind, and form the required belief of income escaping assessment.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4894 
