Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
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The ITAT Delhi, in an assessment u/s 153A, addressed the addition u/s 68 concerning income from undisclosed sources. The appellant, a partner in M/s. RNB Leasing and Financial Services, had filed a return for the assessment year. Following search and seizure operations, a key to an Indian Overseas Bank locker was found in the names of Lalita Bajaj and the appellant. Despite no incriminating evidence found during the search of the locker, the AO made additions u/s 68 in a similar case involving share allotment. However, in the present case, the appellant did not receive share application money or premium but was involved in the sale of investments/shares to other entities. The Department did not dispute the investment in shares during the earlier period. The ITAT allowed the appellant's grounds on merits, distinguishing the case from previous rulings.
The ITAT Delhi, in an assessment u/s 153A, addressed the addition u/s 68 concerning income from undisclosed sources. The appellant, a partner in M/s. RNB Leasing and Financial Services, had filed a return for the assessment year. Following search and seizure operations, a key to an Indian Overseas Bank locker was found in the names of Lalita Bajaj and the appellant. Despite no incriminating evidence found during the search of the locker, the AO made additions u/s 68 in a similar case involving share allotment. However, in the present case, the appellant did not receive share application money or premium but was involved in the sale of investments/shares to other entities. The Department did not dispute the investment in shares during the earlier period. The ITAT allowed the appellant's grounds on merits, distinguishing the case from previous rulings.
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