Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
The ITAT dismissed the Revenue's quantum appeal. It upheld the CIT(A)'s finding that the unexplained cash found during search was part of the income surrendered by the assessee u/s 132(4), based on the statement recorded. Regarding the penalty u/s 271AAB(1)(a), the ITAT deleted it on technical grounds, as the penalty notice did not specify clear charges against the assessee for not fulfilling the conditions and not divulging the source of income, violating natural justice principles.
The ITAT dismissed the Revenue's quantum appeal. It upheld the CIT(A)'s finding that the unexplained cash found during search was part of the income surrendered by the assessee u/s 132(4), based on the statement recorded. Regarding the penalty u/s 271AAB(1)(a), the ITAT deleted it on technical grounds, as the penalty notice did not specify clear charges against the assessee for not fulfilling the conditions and not divulging the source of income, violating natural justice principles.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
