Separate speaking orders on reopening objections are mandatory; deciding them within reassessment invalidates jurisdiction and precludes revival of st...
Compulsorily convertible debentures remain debt before conversion, preventing transfer-pricing and interest-deduction disallowances on the stated fact...
Stock-in-trade transfer taxability follows possession and consideration, not later conveyance registration, limiting deemed-value provisions to the ac...
The Delhi High Court considered the addition u/s 68 and the evidentiary value of statements recorded u/s 132(4). The court emphasized that an assessment cannot be based solely on presumptions or statements without corroborating material. While statements are considered information, they must be supported by evidence found during a search for assessment. The court also discussed rectification u/s 292B, stating that jurisdictional defects cannot be cured under this section, rendering proceedings void. In this case, the Revenue failed to link seized material to the assessee group, leading to the assessment being set aside in favor of the assessee by the ITAT.
The Delhi High Court considered the addition u/s 68 and the evidentiary value of statements recorded u/s 132(4). The court emphasized that an assessment cannot be based solely on presumptions or statements without corroborating material. While statements are considered information, they must be supported by evidence found during a search for assessment. The court also discussed rectification u/s 292B, stating that jurisdictional defects cannot be cured under this section, rendering proceedings void. In this case, the Revenue failed to link seized material to the assessee group, leading to the assessment being set aside in favor of the assessee by the ITAT.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4894 
