Functional comparability under TNMM supported exclusion of ITeS comparables with R&D, intangibles, diversified operations, or unavailable segmental da...
Addition u/s 68 - unexplained gifts received from family members - The Appellate Tribunal found that the assessee had provided sufficient evidence to establish the identity, creditworthiness, and genuineness of the gift transactions. Documents such as gift deeds, income tax returns, and bank statements were submitted, demonstrating the legitimacy of the gifts from close family members. Moreover, the Tribunal noted the absence of any contrary evidence presented by the Revenue to challenge the submissions made by the assessee.
Addition u/s 68 - unexplained gifts received from family members - The Appellate Tribunal found that the assessee had provided sufficient evidence to establish the identity, creditworthiness, and genuineness of the gift transactions. Documents such as gift deeds, income tax returns, and bank statements were submitted, demonstrating the legitimacy of the gifts from close family members. Moreover, the Tribunal noted the absence of any contrary evidence presented by the Revenue to challenge the submissions made by the assessee.
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