Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Unexplained income u/s 56(2)(vii)(b) - amount by which an immovable property purchased by the assessee fell short of its stamp duty value - The contention of the AO is bound to accept the DVO’s report, we agree with the same. But at the same time Valuation of property is only an exercise in approximate estimation. And therefore there is always scope for correction of the estimates on account of discrepancies. Assessee is well within his rights to contest the valuation, which if found justified, the appellate authorities cannot shut their eyes to the same. - AT
Unexplained income u/s 56(2)(vii)(b) - amount by which an immovable property purchased by the assessee fell short of its stamp duty value - The contention of the AO is bound to accept the DVO’s report, we agree with the same. But at the same time Valuation of property is only an exercise in approximate estimation. And therefore there is always scope for correction of the estimates on account of discrepancies. Assessee is well within his rights to contest the valuation, which if found justified, the appellate authorities cannot shut their eyes to the same. - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
