Electronic WhatsApp evidence without authentication or independent corroboration cannot sustain an unexplained-investment addition based on third-part...
Mutual current-account transactions excluded from deemed dividend treatment where no fresh borrowing arose; unsupported unsecured-loan addition also f...
ITAT quashed reassessment u/s 147 finding AO failed to apply mind with undated reasons based on incorrect facts and uncorroborated information without independent verification. Tribunal held gift of equity shares completed on 09.04.2009 per gift deed dated 30.04.2009, applying doctrine of relating back principle. Since Section 56(2)(vii)(c) became effective from 01.10.2009 for AY 2010-11, provisions were inapplicable to gifts executed prior to effective date. AO erroneously treated entire Rs.100 per share including Rs.90 premium as taxable income contravening statutory provisions. Subsequent stamping on 18.09.2010 at company's request did not alter original gift completion date. No additions warranted for AY 2011-12. Appeal allowed.
ITAT quashed reassessment u/s 147 finding AO failed to apply mind with undated reasons based on incorrect facts and uncorroborated information without independent verification. Tribunal held gift of equity shares completed on 09.04.2009 per gift deed dated 30.04.2009, applying doctrine of relating back principle. Since Section 56(2)(vii)(c) became effective from 01.10.2009 for AY 2010-11, provisions were inapplicable to gifts executed prior to effective date. AO erroneously treated entire Rs.100 per share including Rs.90 premium as taxable income contravening statutory provisions. Subsequent stamping on 18.09.2010 at company's request did not alter original gift completion date. No additions warranted for AY 2011-12. Appeal allowed.
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