Reassessment for unreturned property sales survives where transfer information, non-filing, and unsupported exemption claims establish a prima facie l...
Profit-element taxation limits additions for unaccounted flat-sale receipts and grey-market purchases, while reliable search records support partial a...
Non-participating bidders cannot disturb concluded liquidation sales on speculative prejudice, while costs for such challenges must remain proportiona...
The ITAT examined penalty proceedings u/s 271D regarding alleged cash receipt of property sale consideration. The tribunal found AO and CIT(A)'s presumption of cash payment without explicit documentary evidence was incorrect. The appellate tribunal set aside the penalty order and restored the matter to AO for further investigation to definitively ascertain whether sale consideration was received in cash, contravening sec.269SS. The assessee's appeal was allowed for statistical purposes, requiring the AO to conduct a comprehensive re-examination of the mode of payment and potential statutory violations.
The ITAT examined penalty proceedings u/s 271D regarding alleged cash receipt of property sale consideration. The tribunal found AO and CIT(A)'s presumption of cash payment without explicit documentary evidence was incorrect. The appellate tribunal set aside the penalty order and restored the matter to AO for further investigation to definitively ascertain whether sale consideration was received in cash, contravening sec.269SS. The assessee's appeal was allowed for statistical purposes, requiring the AO to conduct a comprehensive re-examination of the mode of payment and potential statutory violations.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4891 
