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Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
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Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
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The Income Tax Appellate Tribunal allowed the assessee's appeal against the reopening of assessment u/s 148A of the Income Tax Act. The Assessing Officer had alleged that the assessee had undeclared capital gains of more than Rs. 50 lakhs from the sale of immovable properties worth Rs. 1.33 crores. However, the Tribunal found that the assessee had merely sold an immovable property for Rs. 43 lakhs and invested the proceeds in purchasing another property worth Rs. 90 lakhs, resulting in an addition of only Rs. 47 lakhs. The Tribunal held that it was not a case of capital gains of Rs. 1.33 crores escaping assessment, as alleged by the Assessing Officer. The reopening was deemed mechanical and lacking merit, as the Assessing Officer failed to differentiate between the two separate information sources and cumulatively considered them as escaped capital gains exceeding Rs. 50 lakhs.
The Income Tax Appellate Tribunal allowed the assessee's appeal against the reopening of assessment u/s 148A of the Income Tax Act. The Assessing Officer had alleged that the assessee had undeclared capital gains of more than Rs. 50 lakhs from the sale of immovable properties worth Rs. 1.33 crores. However, the Tribunal found that the assessee had merely sold an immovable property for Rs. 43 lakhs and invested the proceeds in purchasing another property worth Rs. 90 lakhs, resulting in an addition of only Rs. 47 lakhs. The Tribunal held that it was not a case of capital gains of Rs. 1.33 crores escaping assessment, as alleged by the Assessing Officer. The reopening was deemed mechanical and lacking merit, as the Assessing Officer failed to differentiate between the two separate information sources and cumulatively considered them as escaped capital gains exceeding Rs. 50 lakhs.
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