Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
Enhancement of assessment - Power of CIT(A) u/s 251(2) - addition u/s 56(2)(vii) - The appellant had received Rs. 25,00,000 as a security deposit from a developer, the amount was subsequently repaid - Providing / granting the appellant a reasonable opportunity to present their case against the enhancement - The Tribunal deemed this non-compliance as an irregularity rather than an illegality. However, the Tribunal decided to review the addition made under section 56(2)(vii) of the Act. It was determined that since the deposit received by the appellant was not without consideration, being related to a development agreement, the addition was not sustainable. Therefore, the appeal was allowed, and the impugned additions were directed to be deleted.
Enhancement of assessment - Power of CIT(A) u/s 251(2) - addition u/s 56(2)(vii) - The appellant had received Rs. 25,00,000 as a security deposit from a developer, the amount was subsequently repaid - Providing / granting the appellant a reasonable opportunity to present their case against the enhancement - The Tribunal deemed this non-compliance as an irregularity rather than an illegality. However, the Tribunal decided to review the addition made under section 56(2)(vii) of the Act. It was determined that since the deposit received by the appellant was not without consideration, being related to a development agreement, the addition was not sustainable. Therefore, the appeal was allowed, and the impugned additions were directed to be deleted.
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