Tax collection at source on purchases removes duplicate withholding obligation, while trade-creditor evidence requires verification before unexplained...
Transfer-pricing comparability requires material turnover effects; adjustments must cover only associated-enterprise transactions and exclude abnormal...
ITAT held that additions under section 69A for unexplained jewelry investments were unsustainable. The AO's additions were based on information obtained from Lokayukta under section 133(6), which was not incriminating material seized during search proceedings under section 132. The tribunal emphasized that for assessment under section 153A, additions can only be made based on seized materials. No physical jewelry was found during search, and the affidavit documents did not conclusively prove undisclosed investments. The assessee's declarations before Lokayukta regarding jewelry ownership were consistent across years. Consequently, the tribunal deleted all substantive and protective additions related to jewelry investments for the assessment years in question.
ITAT held that additions under section 69A for unexplained jewelry investments were unsustainable. The AO's additions were based on information obtained from Lokayukta under section 133(6), which was not incriminating material seized during search proceedings under section 132. The tribunal emphasized that for assessment under section 153A, additions can only be made based on seized materials. No physical jewelry was found during search, and the affidavit documents did not conclusively prove undisclosed investments. The assessee's declarations before Lokayukta regarding jewelry ownership were consistent across years. Consequently, the tribunal deleted all substantive and protective additions related to jewelry investments for the assessment years in question.
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TaxTMI 
TaxTMI 
of 4894 
