Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
Reopening of assessment u/s 147 - Assesseee had already disclosed the receipt by way of sale consideration from the transaction in question and has bifurcated the said amount under the head of Building (Depreciable Assets) and under the head of Land (Other Assets) towards the sale consideration, which have been shown. - Assessee has also paid STCG and LTCG - It cannot be said that the income chargeable to tax has escaped assessment in the hands of the assessee. - HC
Reopening of assessment u/s 147 - Assesseee had already disclosed the receipt by way of sale consideration from the transaction in question and has bifurcated the said amount under the head of Building (Depreciable Assets) and under the head of Land (Other Assets) towards the sale consideration, which have been shown. - Assessee has also paid STCG and LTCG - It cannot be said that the income chargeable to tax has escaped assessment in the hands of the assessee. - HC
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