Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
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Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Validity of reopening the assessment u/s 147 - Additions u/s 68 and u/s 69A - Cash deposits in assessee’s bank account - The ITAT observed that, the AO was satisfied that the assessee owned agricultural land and sold the same during this assessment year - The Tribunal concluded that the reopening of the assessment was valid, but the additions made by the AO and CIT(A) were not justified as the assessee had sufficiently explained the source of cash deposits. The appeal was partly allowed, and the additions made u/s 68 and 69A were set aside.
Validity of reopening the assessment u/s 147 - Additions u/s 68 and u/s 69A - Cash deposits in assessee’s bank account - The ITAT observed that, the AO was satisfied that the assessee owned agricultural land and sold the same during this assessment year - The Tribunal concluded that the reopening of the assessment was valid, but the additions made by the AO and CIT(A) were not justified as the assessee had sufficiently explained the source of cash deposits. The appeal was partly allowed, and the additions made u/s 68 and 69A were set aside.
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