Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
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 Appellate Tribunal considered the legality of additions based on a diary seized from a third party. The Tribunal held that the presumption u/s 132(4A) of the Act applies to the person in possession of incriminating material and cannot be extended to a third party without corroborative evidence against the assessee. The failure to provide cross-examination opportunity to the assessee based on third party statements led to the deletion of the addition. The Tribunal also ruled in favor of the assessee regarding unexplained expenses on a mobile purchase and investments in vehicles. Addition of interest income and unexplained investments were deleted due to lack of supporting evidence. The Tribunal further deleted additions related to unexplained expenditure on spectacles, mobile phones, marriage expenses, and foreign currency purchases. The Tribunal emphasized the importance of corroborative evidence and upheld the principles of natural justice throughout its decisions.
The Appellate Tribunal considered the legality of additions based on a diary seized from a third party. The Tribunal held that the presumption u/s 132(4A) of the Act applies to the person in possession of incriminating material and cannot be extended to a third party without corroborative evidence against the assessee. The failure to provide cross-examination opportunity to the assessee based on third party statements led to the deletion of the addition. The Tribunal also ruled in favor of the assessee regarding unexplained expenses on a mobile purchase and investments in vehicles. Addition of interest income and unexplained investments were deleted due to lack of supporting evidence. The Tribunal further deleted additions related to unexplained expenditure on spectacles, mobile phones, marriage expenses, and foreign currency purchases. The Tribunal emphasized the importance of corroborative evidence and upheld the principles of natural justice throughout its decisions.
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