Belated Form 10B filing during Covid-19 cannot defeat charitable exemption where genuine hardship warrants condonation and substantial justice prevail...
Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
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Income from other sources u/s 56 (2) (x) - purchased the property - difference between the valuation adopted by the district valuation officer and actual consideration - While the appellant asserts the necessity of establishing "on money" payments to warrant taxation under the Act, the tribunal maintains that the absence of such evidence does not preclude the application of anti-avoidance provisions. - The tribunal upholds the decision of the CIT(A) to confirm the addition u/s 56(2)(x)(b), holding the appellant liable for the additional tax resulting from the disputed property valuation.
Income from other sources u/s 56 (2) (x) - purchased the property - difference between the valuation adopted by the district valuation officer and actual consideration - While the appellant asserts the necessity of establishing "on money" payments to warrant taxation under the Act, the tribunal maintains that the absence of such evidence does not preclude the application of anti-avoidance provisions. - The tribunal upholds the decision of the CIT(A) to confirm the addition u/s 56(2)(x)(b), holding the appellant liable for the additional tax resulting from the disputed property valuation.
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