Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Addition made u/s. 69/69B - difference between the stamp duty value and the sale consideration with respect to purchase of property - family settlement to constitute "transfer" or not - The Tribunal found that the addition under section 69 was incorrect as the investment was recorded in the books. For section 69B, the AO failed to provide evidence that the assessee expended more than recorded. The Tribunal also noted that section 56(2)(vii)(b) was not applicable to companies and section 56(2)(x) was effective from AY 2017-18. The Tribunal concluded that the transaction under family settlement did not amount to a "transfer" and deleted the addition.
Addition made u/s. 69/69B - difference between the stamp duty value and the sale consideration with respect to purchase of property - family settlement to constitute "transfer" or not - The Tribunal found that the addition under section 69 was incorrect as the investment was recorded in the books. For section 69B, the AO failed to provide evidence that the assessee expended more than recorded. The Tribunal also noted that section 56(2)(vii)(b) was not applicable to companies and section 56(2)(x) was effective from AY 2017-18. The Tribunal concluded that the transaction under family settlement did not amount to a "transfer" and deleted the addition.
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