Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
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...
ITAT upheld AO's jurisdiction to examine undisclosed share transaction investments under limited scrutiny assessment. AO's examination of unsecured loans was deemed valid as investments were funded through loans, necessitating verification of creditors' genuineness and creditworthiness. Regarding Rs. 21 lakhs loan from spouse secured against property, ITAT remanded matter to AO for detailed verification of loan creditors and documentation. While assessee provided affidavits, insufficient evidence existed to establish creditors' creditworthiness. AO directed to verify loan credits and issue necessary summons to creditors. First ground of appeal dismissed, second ground partially allowed for statistical purposes.
ITAT upheld AO's jurisdiction to examine undisclosed share transaction investments under limited scrutiny assessment. AO's examination of unsecured loans was deemed valid as investments were funded through loans, necessitating verification of creditors' genuineness and creditworthiness. Regarding Rs. 21 lakhs loan from spouse secured against property, ITAT remanded matter to AO for detailed verification of loan creditors and documentation. While assessee provided affidavits, insufficient evidence existed to establish creditors' creditworthiness. AO directed to verify loan credits and issue necessary summons to creditors. First ground of appeal dismissed, second ground partially allowed for statistical purposes.
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