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...
HC allowed the assessee's appeal, finding the tax authority's assessment invalid. The court ruled that a statement recorded during a search under Section 132(4) cannot be the sole basis for income addition in block assessment. Section 158BC mandates that undisclosed income additions must be supported by incriminating materials discovered during the search. Furthermore, the court held that surcharge under Section 113 applies only to searches conducted after 01.06.2002, following precedent in Vatika Township case, thus deciding in favor of the assessee.
HC allowed the assessee's appeal, finding the tax authority's assessment invalid. The court ruled that a statement recorded during a search under Section 132(4) cannot be the sole basis for income addition in block assessment. Section 158BC mandates that undisclosed income additions must be supported by incriminating materials discovered during the search. Furthermore, the court held that surcharge under Section 113 applies only to searches conducted after 01.06.2002, following precedent in Vatika Township case, thus deciding in favor of the assessee.
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