Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
Customs valuation and classification require comparable evidence and assessment of imported goods in their actual condition, invalidating related pena...
Validity of reassessment proceedings u/s 147/148 - Unexplained cash credit and application of section 115BB - The ITAT while upheld the reassessment proceedings sicne AO had sufficient basis to form a belief of income escapement, based on non-explanation of cash deposits. However, the ITAT observed that before rejecting the assessee’s explanations as fabricated or invalid, it was necessary to examine the concerned parties to the agreement. Therefore, the ITAT remanded the issue back to the AO for fresh adjudication.
Validity of reassessment proceedings u/s 147/148 - Unexplained cash credit and application of section 115BB - The ITAT while upheld the reassessment proceedings sicne AO had sufficient basis to form a belief of income escapement, based on non-explanation of cash deposits. However, the ITAT observed that before rejecting the assessee’s explanations as fabricated or invalid, it was necessary to examine the concerned parties to the agreement. Therefore, the ITAT remanded the issue back to the AO for fresh adjudication.
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