Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
Validity of Revision u/s 263 by CIT - As per PCIT AO omitted to examine the transaction of transfer of land held as “Stock-in-trade” in the light of the provision of Section 43CA - reading of the entire agreement would show that there was no transfer or sale of asset under the Joint Development Agreement rather the agreement was to develop the land making it saleable and in view of the construction of the same, the developer would take a part of the stock-in-trade. - ITAT rightly granted relief to assessee - HC
Validity of Revision u/s 263 by CIT - As per PCIT AO omitted to examine the transaction of transfer of land held as “Stock-in-trade” in the light of the provision of Section 43CA - reading of the entire agreement would show that there was no transfer or sale of asset under the Joint Development Agreement rather the agreement was to develop the land making it saleable and in view of the construction of the same, the developer would take a part of the stock-in-trade. - ITAT rightly granted relief to assessee - HC
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