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 upheld reopening under s.147 regarding inadequate consideration for immovable property purchase. Original assessment under s.143(1) had not examined the land purchase deed, constituting valid grounds for reassessment. On merits, addition under s.56(2)(vii)(b) was sustained as assessee failed to provide evidence of sale deed cancellation. Though assessee claimed cancellation was in process and produced co-purchaser's confirmation of non-payment, absence of seller's confirmation and non-refund of stamp duty indicated continuing validity of agreement. No change of opinion by AO was found. ITAT dismissed assessee's appeal, confirming additions made by AO and upheld by CIT(A).
ITAT upheld reopening under s.147 regarding inadequate consideration for immovable property purchase. Original assessment under s.143(1) had not examined the land purchase deed, constituting valid grounds for reassessment. On merits, addition under s.56(2)(vii)(b) was sustained as assessee failed to provide evidence of sale deed cancellation. Though assessee claimed cancellation was in process and produced co-purchaser's confirmation of non-payment, absence of seller's confirmation and non-refund of stamp duty indicated continuing validity of agreement. No change of opinion by AO was found. ITAT dismissed assessee's appeal, confirming additions made by AO and upheld by CIT(A).
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
