Electronic WhatsApp evidence without authentication or independent corroboration cannot sustain an unexplained-investment addition based on third-part...
Mutual current-account transactions excluded from deemed dividend treatment where no fresh borrowing arose; unsupported unsecured-loan addition also f...
HC quashed Tribunal's order regarding reopening of assessment based on alleged non-disclosure of unabsorbed investment allowance. The Tribunal erroneously concluded that depreciation claims for trial production machinery weren't shown in computation statements, despite no such requirement existing. Examining orders under s.143(3) and reassessment order dated 29.10.1999, AO had thoroughly considered depreciation based on complete disclosure by assessee. Finding no failure in true and full disclosure of material facts, HC deemed Tribunal's rejection of Misc. Application perverse. Matter remanded to Tribunal for fresh de-novo order, with assessee's Misc. Application allowed.
HC quashed Tribunal's order regarding reopening of assessment based on alleged non-disclosure of unabsorbed investment allowance. The Tribunal erroneously concluded that depreciation claims for trial production machinery weren't shown in computation statements, despite no such requirement existing. Examining orders under s.143(3) and reassessment order dated 29.10.1999, AO had thoroughly considered depreciation based on complete disclosure by assessee. Finding no failure in true and full disclosure of material facts, HC deemed Tribunal's rejection of Misc. Application perverse. Matter remanded to Tribunal for fresh de-novo order, with assessee's Misc. Application allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
