Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
Assessing Officer's exclusion of sum pertaining to investments outside India from depreciation on investment provision was upheld. High Court correctly held that Commissioner of Income Tax erred in invoking revisionary jurisdiction u/s 263 against Assessing Officer's order, as it was not prejudicial to revenue's interest. Supreme Court dismissed Special Leave Petition, upholding High Court's order setting aside Commissioner's revisionary order.
Assessing Officer's exclusion of sum pertaining to investments outside India from depreciation on investment provision was upheld. High Court correctly held that Commissioner of Income Tax erred in invoking revisionary jurisdiction u/s 263 against Assessing Officer's order, as it was not prejudicial to revenue's interest. Supreme Court dismissed Special Leave Petition, upholding High Court's order setting aside Commissioner's revisionary order.
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