Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
ITAT adjudicated multiple tax-related issues, ultimately ruling in favor of the assessee. The tribunal rejected the AO's disallowance of speculation loss, finding no regulatory requirement for off-market transaction reporting. Regarding gift taxation, ITAT upheld the assessee's claim that a father from a HUF can be considered a relative under Section 56(2). Additionally, for the trust-related income, ITAT determined that since the trust had already paid taxes on the transferred amount, further addition was unwarranted. Consequently, the tribunal set aside the AO and CIT(A) orders, directing deletion of all contested additions.
ITAT adjudicated multiple tax-related issues, ultimately ruling in favor of the assessee. The tribunal rejected the AO's disallowance of speculation loss, finding no regulatory requirement for off-market transaction reporting. Regarding gift taxation, ITAT upheld the assessee's claim that a father from a HUF can be considered a relative under Section 56(2). Additionally, for the trust-related income, ITAT determined that since the trust had already paid taxes on the transferred amount, further addition was unwarranted. Consequently, the tribunal set aside the AO and CIT(A) orders, directing deletion of all contested additions.
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