Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
Addition u/s 69 - addition based on the estimation of the cost of acquisition of the property - The ITAT observed that the AO had relied heavily on statements obtained during the survey proceedings, particularly regarding the payment of on-money for the property purchase. However, the Tribunal emphasized that such statements, which were later retracted, could not constitute valid evidence for making additions to the appellant's income. Furthermore, the Tribunal noted that the AO had not provided any supporting material apart from these statements to justify the addition. Considering these factors, the Tribunal held that the AO's decision to estimate the property acquisition cost at a higher value lacked sufficient basis and was not supported by credible evidence.
Addition u/s 69 - addition based on the estimation of the cost of acquisition of the property - The ITAT observed that the AO had relied heavily on statements obtained during the survey proceedings, particularly regarding the payment of on-money for the property purchase. However, the Tribunal emphasized that such statements, which were later retracted, could not constitute valid evidence for making additions to the appellant's income. Furthermore, the Tribunal noted that the AO had not provided any supporting material apart from these statements to justify the addition. Considering these factors, the Tribunal held that the AO's decision to estimate the property acquisition cost at a higher value lacked sufficient basis and was not supported by credible evidence.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
