Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
The ITAT set aside the addition under section 69A read with section 115BBE relating to undisclosed investment of Rs. 50 lakhs. The AO failed to produce any material evidence or documentation proving that the assessee owned the cash or had made the alleged payment to the third party for the purchase of immovable property. The denial by the alleged payee remained unchallenged and the mere WhatsApp communication with a third party, not involved in the original transaction, was held insufficient to establish ownership or cash transaction. Consequently, invocation of section 69A was unwarranted for the assessment year 2022-23. The Tribunal deleted the addition and allowed the assessee's appeal.
The ITAT set aside the addition under section 69A read with section 115BBE relating to undisclosed investment of Rs. 50 lakhs. The AO failed to produce any material evidence or documentation proving that the assessee owned the cash or had made the alleged payment to the third party for the purchase of immovable property. The denial by the alleged payee remained unchallenged and the mere WhatsApp communication with a third party, not involved in the original transaction, was held insufficient to establish ownership or cash transaction. Consequently, invocation of section 69A was unwarranted for the assessment year 2022-23. The Tribunal deleted the addition and allowed the assessee's appeal.
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