Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
Transfer-pricing methodology protects commercially genuine associated-enterprise payments, while pre-2016 secondary adjustments and related notional i...
Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
Cross-examination rights in Customs Broker revocation inquiries require witness examination; procedural denial may be cured through fresh adjudication...
The assessment of income from other sources u/s 56(2)(x) of the Income Tax Act, specifically regarding the addition on account of excess fair market value over the purchase consideration. The key points are: The Departmental Valuation Officer (DVO) provided comparable instances for estimating the fair market value as on the date of sale of the asset. However, there were differences in the rates per square meter among the comparable instances cited by the DVO, ranging from Rs. 126.16 to Rs. 220.04 per square meter. While the DVO adopted Rs. 155 per square meter, the average of the four comparable instances was Rs. 163.36 per square meter. Considering the variations, the Income Tax Appellate Tribunal (ITAT) determined that Rs. 150 per square meter would be reasonable and directed the Assessing Officer to adopt this rate for computing the addition. The ground of appeal was partly allowed.
The assessment of income from other sources u/s 56(2)(x) of the Income Tax Act, specifically regarding the addition on account of excess fair market value over the purchase consideration. The key points are: The Departmental Valuation Officer (DVO) provided comparable instances for estimating the fair market value as on the date of sale of the asset. However, there were differences in the rates per square meter among the comparable instances cited by the DVO, ranging from Rs. 126.16 to Rs. 220.04 per square meter. While the DVO adopted Rs. 155 per square meter, the average of the four comparable instances was Rs. 163.36 per square meter. Considering the variations, the Income Tax Appellate Tribunal (ITAT) determined that Rs. 150 per square meter would be reasonable and directed the Assessing Officer to adopt this rate for computing the addition. The ground of appeal was partly allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
