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...
Assessment u/s 153A - Additions made in original assessment u/s 143(3) of the Act again added back in the assessment completed u/s 153A/143(3) , Disallowance of loss incurred by SEZ added u/s 115JB, Disallowance of deduction claimed u/s 35(2AB) , Expenditure by way of tax paid on ESOP added u/s 115JB - The Tribunal's reinforces the necessity of basing additions and disallowances on incriminating material discovered during search operations, especially in unabated assessment years. Furthermore, it emphasizes the importance of evidentiary value and the principles of natural justice in the assessment process. The decision also delineates the boundaries of allowable deductions and the computation of taxable income in light of dubious transactions and flagged suppliers, adhering to established legal precedents.
Assessment u/s 153A - Additions made in original assessment u/s 143(3) of the Act again added back in the assessment completed u/s 153A/143(3) , Disallowance of loss incurred by SEZ added u/s 115JB, Disallowance of deduction claimed u/s 35(2AB) , Expenditure by way of tax paid on ESOP added u/s 115JB - The Tribunal's reinforces the necessity of basing additions and disallowances on incriminating material discovered during search operations, especially in unabated assessment years. Furthermore, it emphasizes the importance of evidentiary value and the principles of natural justice in the assessment process. The decision also delineates the boundaries of allowable deductions and the computation of taxable income in light of dubious transactions and flagged suppliers, adhering to established legal precedents.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
