Unverified Insight Portal Information Cannot Justify Reassessment Without a Verified Taxpayer-Specific Income-Escape Nexus or Demonstrated Application...
Assessing Officer jurisdiction after statutory transfer invalidates reassessment notices issued by transferor officers and nullifies resulting proceed...
Consequential appeal-effect orders must implement rectification deleting working-capital adjustments and reconsider the resulting arm's-length range c...
Discounted cash flow valuation protects share premium where projections are reasonable, while audited book expenses defeat unexplained-expenditure add...
Section 54 construction relief survives pre-transfer commencement when completion occurs within the statutory period, excluding ineligible spouse-owne...
Assessment u/s 153A - computation of income from house property. Additions proposed relate to unabated assessment years from 2013-14 onwards where no incriminating material found during search. Additions for 2013-14 and 2014-15 deleted as no incriminating evidence. For 2015-16 and 2016-17, incriminating emails found regarding commercial exploitation, hence additions upheld. Annual lettable value (ALV) capped at Rs. 8.39 lakhs based on 2016-17 as base year, 30% standard deduction allowed, net ALV of Rs. 5.87 lakhs taxable. Vatika Professional Point property never let out, additions deleted being unabated years without incriminating material. For Gurugram property, municipal value adopted as ALV instead of AO's estimate, as not commercially viable based on records. Where property not let out, ALV estimated at 5% of investment value as per judicial precedents, after standard deduction Rs. 6.65 lakhs added as income.
Assessment u/s 153A - computation of income from house property. Additions proposed relate to unabated assessment years from 2013-14 onwards where no incriminating material found during search. Additions for 2013-14 and 2014-15 deleted as no incriminating evidence. For 2015-16 and 2016-17, incriminating emails found regarding commercial exploitation, hence additions upheld. Annual lettable value (ALV) capped at Rs. 8.39 lakhs based on 2016-17 as base year, 30% standard deduction allowed, net ALV of Rs. 5.87 lakhs taxable. Vatika Professional Point property never let out, additions deleted being unabated years without incriminating material. For Gurugram property, municipal value adopted as ALV instead of AO's estimate, as not commercially viable based on records. Where property not let out, ALV estimated at 5% of investment value as per judicial precedents, after standard deduction Rs. 6.65 lakhs added as income.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4884 
