Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
u/s 56(2)(vii)(b), the addition was made based on the difference between the stated value and the District Valuation Officer's (DVO) valuation. It was held that an addition cannot be made solely based on the DVO's valuation report. The land-locked issue was duly considered by both the DVO and independent valuer during property valuation. The impugned lands were land-locked properties, and the independent valuer considered the market value. The Department Representative did not submit any contrary judgment or make a strong argument against the facts cited by the assessee. After considering the different valuation reports, the independent valuer's valuation was accepted, and the land's market value was confirmed. Consequently, the addition made by the Commissioner of Income Tax (Appeals) was quashed, and the assessee's appeal was partly allowed.
u/s 56(2)(vii)(b), the addition was made based on the difference between the stated value and the District Valuation Officer's (DVO) valuation. It was held that an addition cannot be made solely based on the DVO's valuation report. The land-locked issue was duly considered by both the DVO and independent valuer during property valuation. The impugned lands were land-locked properties, and the independent valuer considered the market value. The Department Representative did not submit any contrary judgment or make a strong argument against the facts cited by the assessee. After considering the different valuation reports, the independent valuer's valuation was accepted, and the land's market value was confirmed. Consequently, the addition made by the Commissioner of Income Tax (Appeals) was quashed, and the assessee's appeal was partly allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4794
Join Channel
TaxTMI 
