Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
Validity of reopening of assessment - Addition u/s 69 for...
Assessment reopened for undisclosed jewellery purchase. Assessee failed to prove legitimacy. Onus on appellant to show credibility. Property income taxed.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Validity of reopening of assessment - Addition u/s 69 for purchase of jewellery as undisclosed investments. Assessee had substantial transactions but did not file income return. Failed to substantiate jewellery purchase with credible evidence. Onus on appellant to prove genuineness, creditworthiness, and identity not adequately discharged. Bill in assessee's name. Property purchased jointly, no evidence of beneficiary or income. Assessee deemed first owner with beneficial ownership. TDS deducted implies 50% share. Income from property considered u/s 56(2) due to lack of consideration. Dismissed appellant's arguments. ITAT affirmed CIT(A) decision.
Validity of reopening of assessment - Addition u/s 69 for purchase of jewellery as undisclosed investments. Assessee had substantial transactions but did not file income return. Failed to substantiate jewellery purchase with credible evidence. Onus on appellant to prove genuineness, creditworthiness, and identity not adequately discharged. Bill in assessee's name. Property purchased jointly, no evidence of beneficiary or income. Assessee deemed first owner with beneficial ownership. TDS deducted implies 50% share. Income from property considered u/s 56(2) due to lack of consideration. Dismissed appellant's arguments. ITAT affirmed CIT(A) decision.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4807
Join Channel
TaxTMI 
