Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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The ITAT Ahmedabad addressed the validity of an assessment by the AO on issues beyond those covered by a notice u/s 143(2) issued under CASS for limited scrutiny, specifically regarding immovable property under a family arrangement. The Tribunal dismissed the first ground of the assessee, noting that the notice was issued for verifying the purchase of the property in question. Regarding the addition u/s 56(2)(x) of the Act, the Tribunal found that the property was received as part of a family settlement, supported by affidavits and the concept of family arrangements as explained by the Hon'ble Supreme Court. The Tribunal held that the addition made by the AO u/s 56(2)(x) was not sustainable, partially allowing the assessee's appeal. The CIT(A) failed to appreciate the nature of the family arrangement and relevant legal precedents.
The ITAT Ahmedabad addressed the validity of an assessment by the AO on issues beyond those covered by a notice u/s 143(2) issued under CASS for limited scrutiny, specifically regarding immovable property under a family arrangement. The Tribunal dismissed the first ground of the assessee, noting that the notice was issued for verifying the purchase of the property in question. Regarding the addition u/s 56(2)(x) of the Act, the Tribunal found that the property was received as part of a family settlement, supported by affidavits and the concept of family arrangements as explained by the Hon'ble Supreme Court. The Tribunal held that the addition made by the AO u/s 56(2)(x) was not sustainable, partially allowing the assessee's appeal. The CIT(A) failed to appreciate the nature of the family arrangement and relevant legal precedents.
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