Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
Customs valuation and classification require comparable evidence and assessment of imported goods in their actual condition, invalidating related pena...
Onus on petitioner partnership firm to show unexplained investment and expenditure belonged to partners. No records showing partners had substantial income to lend Rs. 1.01 crore. Firm had rental income used for maintenance. No infirmity in impugned order rejecting petition u/s 264. Objection on non-issuance of notice u/s 143(2) within 6 months not countenanced as not raised earlier. Section 292BB deems notice valid if assessee participated in proceedings, except if no notice issued. Explanatory Note to Finance Act, 2008 clarifies legal fiction inapplicable if objection not raised before assessment completion. Petition dismissed.
Onus on petitioner partnership firm to show unexplained investment and expenditure belonged to partners. No records showing partners had substantial income to lend Rs. 1.01 crore. Firm had rental income used for maintenance. No infirmity in impugned order rejecting petition u/s 264. Objection on non-issuance of notice u/s 143(2) within 6 months not countenanced as not raised earlier. Section 292BB deems notice valid if assessee participated in proceedings, except if no notice issued. Explanatory Note to Finance Act, 2008 clarifies legal fiction inapplicable if objection not raised before assessment completion. Petition dismissed.
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