Electronic WhatsApp evidence without authentication or independent corroboration cannot sustain an unexplained-investment addition based on third-part...
Mutual current-account transactions excluded from deemed dividend treatment where no fresh borrowing arose; unsupported unsecured-loan addition also f...
Assessee sold ancestral agricultural property for cash consideration to relatives, agriculturists. Though agricultural land sale proceeds exempt u/s 2(14), assessee bona fide believed Section 269SS cash receipt restrictions inapplicable. No intention to generate unaccounted money as sale deed recorded full cash receipt disclosed in return. Assessing Officer accepted returned income in 143(3) order. ITAT deleted 271D penalty, deciding in assessee's favor, violation of 269SS not established given bona fide belief and full disclosure.
Assessee sold ancestral agricultural property for cash consideration to relatives, agriculturists. Though agricultural land sale proceeds exempt u/s 2(14), assessee bona fide believed Section 269SS cash receipt restrictions inapplicable. No intention to generate unaccounted money as sale deed recorded full cash receipt disclosed in return. Assessing Officer accepted returned income in 143(3) order. ITAT deleted 271D penalty, deciding in assessee's favor, violation of 269SS not established given bona fide belief and full disclosure.
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