Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
The ITAT held that the disallowance of exemption claimed u/s 10(23C)(vi) due to a clerical error in the income tax return was improper. The order u/s 154 by CPC violated natural justice by not allowing the assessee a hearing. The CIT(A) should have decided the appeal on merits. The ITAT set aside the CIT(A)'s order and remanded the matter for fresh adjudication. The CIT(A) must verify the exemption claim, grant relief if valid, and ensure the assessee's right to be heard before issuing a new order.
The ITAT held that the disallowance of exemption claimed u/s 10(23C)(vi) due to a clerical error in the income tax return was improper. The order u/s 154 by CPC violated natural justice by not allowing the assessee a hearing. The CIT(A) should have decided the appeal on merits. The ITAT set aside the CIT(A)'s order and remanded the matter for fresh adjudication. The CIT(A) must verify the exemption claim, grant relief if valid, and ensure the assessee's right to be heard before issuing a new order.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
