Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Cessation of liability - Additions u/s. 41(1) - waiver towards outstanding principal loan amount - waiver of outstanding principal loan amount is a capital receipt or not? - The findings of the CIT(A) are contrary to the facts of the case as the amount credited to capital reserve by the assessee pertains to principal amount borrowed without there being any component of interest embedded therein - ITAT rightly deleted the additions.
Cessation of liability - Additions u/s. 41(1) - waiver towards outstanding principal loan amount - waiver of outstanding principal loan amount is a capital receipt or not? - The findings of the CIT(A) are contrary to the facts of the case as the amount credited to capital reserve by the assessee pertains to principal amount borrowed without there being any component of interest embedded therein - ITAT rightly deleted the additions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
