Jurisdictional sanction requirements bar reassessment when approval comes from an authority lacking statutory competence under the applicable framewor...
Recorded sales receipts cannot be reassessed as unexplained cash credits, eliminating the basis for consequential alleged commission expenditure addit...
Sufficient cause for delayed income-tax appeals requires bona fide diligence; unsubstantiated counsel illness and assessee inaction defeat condonation...
TNMM Segmentation Limits Transfer-Pricing Adjustments to Associated-Enterprise Transactions and Requires Turnover-Based Comparable Selection for IT Se...
Assessee issued shares at fair market value computed as per Rule 11UA(2), but Assessing Officer (AO) and CIT(A) rejected valuation without justification. Statute mandates following prescribed method, AO cannot deviate. Assessee discharged burden of proving identity, creditworthiness and genuineness of transactions u/s 68. Additions u/ss 68 and 56(2)(viib) deleted, assessee's appeal allowed. CIT(A) erred in enhancing income u/s 56(2)(viib) without accepting valuation report as per rules. When statute prescribes procedure, authorities must follow it.
Assessee issued shares at fair market value computed as per Rule 11UA(2), but Assessing Officer (AO) and CIT(A) rejected valuation without justification. Statute mandates following prescribed method, AO cannot deviate. Assessee discharged burden of proving identity, creditworthiness and genuineness of transactions u/s 68. Additions u/ss 68 and 56(2)(viib) deleted, assessee's appeal allowed. CIT(A) erred in enhancing income u/s 56(2)(viib) without accepting valuation report as per rules. When statute prescribes procedure, authorities must follow it.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
