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...
ITAT held that the assessee duly disclosed share holdings in a Hong Kong company during AY 2007-08, which was confirmed by prosecution and session courts. The tribunal noted no evidence of undisclosed investments or cash transactions despite a search. The appellate authority's order deleting additional income was affirmed, finding no procedural or substantive irregularities in the assessee's tax disclosures. The tribunal rejected revenue's contentions, emphasizing factual compliance with tax reporting requirements and absence of material evidence supporting undisclosed income claims.
ITAT held that the assessee duly disclosed share holdings in a Hong Kong company during AY 2007-08, which was confirmed by prosecution and session courts. The tribunal noted no evidence of undisclosed investments or cash transactions despite a search. The appellate authority's order deleting additional income was affirmed, finding no procedural or substantive irregularities in the assessee's tax disclosures. The tribunal rejected revenue's contentions, emphasizing factual compliance with tax reporting requirements and absence of material evidence supporting undisclosed income claims.
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