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...
ITAT examined three key issues regarding property transactions and unexplained funds. On unexplained money under s.69A, the Tribunal upheld CIT(A)'s deletion of AO's addition, finding sufficient evidence for property acquisition. However, the short-term capital loss claim was rejected as it wasn't declared in the original return per s.80. Regarding unexplained investment, ITAT confirmed deletion of addition as payments were through banking channels with substantiated sources, except for INR 32.5 Lakhs stamp duty payment which was remanded for AO verification. On cash deposits, ITAT ruled AO exceeded limited scrutiny scope by examining bank deposits not included in original assessment reasons, and found sufficient cash balance explanation, thereby deleting the addition.
ITAT examined three key issues regarding property transactions and unexplained funds. On unexplained money under s.69A, the Tribunal upheld CIT(A)'s deletion of AO's addition, finding sufficient evidence for property acquisition. However, the short-term capital loss claim was rejected as it wasn't declared in the original return per s.80. Regarding unexplained investment, ITAT confirmed deletion of addition as payments were through banking channels with substantiated sources, except for INR 32.5 Lakhs stamp duty payment which was remanded for AO verification. On cash deposits, ITAT ruled AO exceeded limited scrutiny scope by examining bank deposits not included in original assessment reasons, and found sufficient cash balance explanation, thereby deleting the addition.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
