Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
The ITAT Hyderabad held that the addition of bogus purchases based on information from the Investigation Wing was not justified. The burden of proof shifted to the AO once the assessee provided documents and payments for the purchases. The AO should have examined the entities involved and provided evidence if the invoices were not genuine. The Revenue failed to present positive evidence against the genuineness of the purchases. The Tribunal emphasized that accepted sales and taxes paid by the assessee made it difficult to argue against the genuineness of purchases. The Tribunal rejected the Revenue's argument and cited legal precedents supporting the assessee's case. The right to cross-examine is a fundamental aspect of natural justice, and failure to provide this opportunity violates principles of fair play. The Tribunal allowed the appeal of the assessee based on these considerations.
The ITAT Hyderabad held that the addition of bogus purchases based on information from the Investigation Wing was not justified. The burden of proof shifted to the AO once the assessee provided documents and payments for the purchases. The AO should have examined the entities involved and provided evidence if the invoices were not genuine. The Revenue failed to present positive evidence against the genuineness of the purchases. The Tribunal emphasized that accepted sales and taxes paid by the assessee made it difficult to argue against the genuineness of purchases. The Tribunal rejected the Revenue's argument and cited legal precedents supporting the assessee's case. The right to cross-examine is a fundamental aspect of natural justice, and failure to provide this opportunity violates principles of fair play. The Tribunal allowed the appeal of the assessee based on these considerations.
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