Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
Assessee earned long-term and short-term capital gains on share transactions. Tax demand of Rs. 1.45 crores was finally raised on recomputed short-term capital gains of Rs. 40.33 crores. CIT(A) deleted penalty levied u/s 271(1)(c) without considering arguments and precedents. ITAT set aside CIT(A)'s order and restored penalty issue for de novo adjudication by CIT(A).
Assessee earned long-term and short-term capital gains on share transactions. Tax demand of Rs. 1.45 crores was finally raised on recomputed short-term capital gains of Rs. 40.33 crores. CIT(A) deleted penalty levied u/s 271(1)(c) without considering arguments and precedents. ITAT set aside CIT(A)'s order and restored penalty issue for de novo adjudication by CIT(A).
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