Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
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.
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