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...
Reopening of assessment for bogus purchases was upheld as the Assessing Officer had credible information of money laundering and foreign outward remittances by entities with whom the assessee had transactions. Estimation of income from bogus purchases was sustained at 6% following judicial precedents. Addition u/s 69 for unexplained loans given was deleted as the advances were duly recorded in books of account. Addition of transactions in penny stocks was rejected as the investments were made from disclosed bank accounts and losses were incurred, following the reasoned decision of the Commissioner of Income Tax (Appeals).
Reopening of assessment for bogus purchases was upheld as the Assessing Officer had credible information of money laundering and foreign outward remittances by entities with whom the assessee had transactions. Estimation of income from bogus purchases was sustained at 6% following judicial precedents. Addition u/s 69 for unexplained loans given was deleted as the advances were duly recorded in books of account. Addition of transactions in penny stocks was rejected as the investments were made from disclosed bank accounts and losses were incurred, following the reasoned decision of the Commissioner of Income Tax (Appeals).
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