Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
The assessee challenged the addition made u/s 69A for non-payment of advance tax, claiming the assessment proceedings were initiated based on wrong information. The Tribunal, being the final fact-finding authority, examined the material and found that the Assessing Officer erroneously initiated proceedings u/s 148, assuming the assessee had purchased an immovable property for Rs. 45 lakhs from Shri Madhava Gatti. However, the assessee produced the sale deed showing the purchase was from Mr. Madhava Gatti for Rs. 31 lakhs and provided the source of funds as a loan from Vijaya Bank. Consequently, the Tribunal held that the basis for the addition did not survive and deleted the addition made by the Assessing Officer u/s 69A, allowing the assessee's appeal.
The assessee challenged the addition made u/s 69A for non-payment of advance tax, claiming the assessment proceedings were initiated based on wrong information. The Tribunal, being the final fact-finding authority, examined the material and found that the Assessing Officer erroneously initiated proceedings u/s 148, assuming the assessee had purchased an immovable property for Rs. 45 lakhs from Shri Madhava Gatti. However, the assessee produced the sale deed showing the purchase was from Mr. Madhava Gatti for Rs. 31 lakhs and provided the source of funds as a loan from Vijaya Bank. Consequently, the Tribunal held that the basis for the addition did not survive and deleted the addition made by the Assessing Officer u/s 69A, allowing the assessee's appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4794
Join Channel
TaxTMI 
