Transfer-pricing aggregation of distinct support-service and subcontract transactions was rejected, while debt-free receivables attracted no notional ...
Customs exemptions cover photovoltaic assembly machinery and PVF backsheets, while fully declared cleared imports may avoid confiscation and penalties...
Specific tariff classification for LCD devices overrides treatment as electricity-meter parts, defeating differential duty, extended limitation, and p...
Stayed disciplinary punishment does not establish unfitness for insolvency professional registration; reconsideration must disregard mere pendency of ...
Indirect corporate control can create related-party status, excluding financial creditors from Committee of Creditors representation, participation an...
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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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