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 ruled that payments made to Hemali Resorts by the buyer do not constitute consideration accruing to the assessee under Section 48. The tribunal found no evidence that the amounts were received by or legally accrued to the assessee. The payments were made directly to Hemali Resorts for pre-existing contractual obligations, and the transaction was conducted through banking channels with appropriate TDS. The PCIT's second invocation of Section 263 was deemed impermissible as it amounted to a mere change of opinion without presenting new material evidence. The assessee's appeal was consequently allowed, affirming that no tax leakage or prejudice to revenue existed.
ITAT ruled that payments made to Hemali Resorts by the buyer do not constitute consideration accruing to the assessee under Section 48. The tribunal found no evidence that the amounts were received by or legally accrued to the assessee. The payments were made directly to Hemali Resorts for pre-existing contractual obligations, and the transaction was conducted through banking channels with appropriate TDS. The PCIT's second invocation of Section 263 was deemed impermissible as it amounted to a mere change of opinion without presenting new material evidence. The assessee's appeal was consequently allowed, affirming that no tax leakage or prejudice to revenue existed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
