Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
Correct head of income - Gain on sale of properties - assessee has not incurred any ‘cost of acquisition’ - consideration for being part of the arrangement to earn profit from transactions involving lands - Since the 90% of the profit arising from these transactions has already been taxed as “Business Income" by the Department. Principles of uniformity demands that the balance 10% also to be taxed as “Business Income” in the hands of the assessee. - AT
Correct head of income - Gain on sale of properties - assessee has not incurred any ‘cost of acquisition’ - consideration for being part of the arrangement to earn profit from transactions involving lands - Since the 90% of the profit arising from these transactions has already been taxed as “Business Income" by the Department. Principles of uniformity demands that the balance 10% also to be taxed as “Business Income” in the hands of the assessee. - AT
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