Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
The ITAT Ahmedabad held that a best judgment assessment u/s 144 without issuing notice u/s 143(2) is invalid if the assessee has filed a return and responded to AO's notice. Courts emphasize Section 144 is for non-compliance cases. Assessee provided details of cash deposits, supported by affidavits from relatives. Deposits were found to be from maturity proceeds, not unexplained money u/s 69A. Addition in brother's hands linked to joint account. CIT(A) erred in upholding half of assessment u/s 69A. Affidavits, if credible, can explain cash source. Lack of concrete reasons to reject explanations. Entire u/s 69A addition deleted, penalty proceedings u/s 271AAC(1) & 271F dropped. Assessee's appeal allowed.
The ITAT Ahmedabad held that a best judgment assessment u/s 144 without issuing notice u/s 143(2) is invalid if the assessee has filed a return and responded to AO's notice. Courts emphasize Section 144 is for non-compliance cases. Assessee provided details of cash deposits, supported by affidavits from relatives. Deposits were found to be from maturity proceeds, not unexplained money u/s 69A. Addition in brother's hands linked to joint account. CIT(A) erred in upholding half of assessment u/s 69A. Affidavits, if credible, can explain cash source. Lack of concrete reasons to reject explanations. Entire u/s 69A addition deleted, penalty proceedings u/s 271AAC(1) & 271F dropped. Assessee's appeal allowed.
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