Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
Development rights transfers treated as immovable property, while construction abatement applies and repeated non-payment permits extended service-tax...
Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
ITAT upheld additions under Section 68 for unexplained share application money from two companies. The tribunal confirmed the Assessing Officer's (AO) order, finding the assessee failed to establish the creditworthiness and identity of share applicants. The initial burden of proving transaction genuineness rests with the assessee. Additionally, the tribunal disallowed loss on sale of fixed assets, ruling such loss is not an allowable expenditure under Section 37. The AO's disallowance was sustained, and grounds of appeal were dismissed, affirming the lower authorities' findings on both share application money and fixed asset sale.
ITAT upheld additions under Section 68 for unexplained share application money from two companies. The tribunal confirmed the Assessing Officer's (AO) order, finding the assessee failed to establish the creditworthiness and identity of share applicants. The initial burden of proving transaction genuineness rests with the assessee. Additionally, the tribunal disallowed loss on sale of fixed assets, ruling such loss is not an allowable expenditure under Section 37. The AO's disallowance was sustained, and grounds of appeal were dismissed, affirming the lower authorities' findings on both share application money and fixed asset sale.
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