Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
Development rights transfers treated as immovable property, while construction abatement applies and repeated non-payment permits extended service-tax...
Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
Section 68 addition for cash deposits cannot be made where assessee filed return u/s 44AD and did not maintain books of accounts, as provisions of section 68 apply only when books are maintained. AO erred in invoking section 68 despite accepting return under 44AD without finding transactions as non-genuine. Telescoping benefit of withdrawals from same account should be given. Addition deleted as unjustified when assessee engaged in retail business, registered under relevant Act, and furnished bank statements showing deposits and withdrawals of nearly equal amounts without adverse findings by authorities.
Section 68 addition for cash deposits cannot be made where assessee filed return u/s 44AD and did not maintain books of accounts, as provisions of section 68 apply only when books are maintained. AO erred in invoking section 68 despite accepting return under 44AD without finding transactions as non-genuine. Telescoping benefit of withdrawals from same account should be given. Addition deleted as unjustified when assessee engaged in retail business, registered under relevant Act, and furnished bank statements showing deposits and withdrawals of nearly equal amounts without adverse findings by authorities.
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