Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
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The ITAT held that additions under section 153A based on purported bogus Long Term Capital Gains and commission expenses were unsustainable in the absence of any incriminating material discovered during the search. Following established precedent, the AO cannot invoke section 153A to reassess completed assessments without search-based incriminating evidence. Consequently, the Tribunal upheld the CIT(A)'s deletion of the additions. However, the CIT(A)'s direction to the AO to initiate proceedings under sections 147/148 was held to be beyond jurisdiction, as reopening cannot be indirectly mandated post section 153A adjudication, preserving the finality of proceedings. The Tribunal allowed the assessee's cross-objection, clarifying that the CIT(A)'s remit ended with the deletion of the additions, and any advice or compulsion for fresh litigation under section 147 was ultra vires.
The ITAT held that additions under section 153A based on purported bogus Long Term Capital Gains and commission expenses were unsustainable in the absence of any incriminating material discovered during the search. Following established precedent, the AO cannot invoke section 153A to reassess completed assessments without search-based incriminating evidence. Consequently, the Tribunal upheld the CIT(A)'s deletion of the additions. However, the CIT(A)'s direction to the AO to initiate proceedings under sections 147/148 was held to be beyond jurisdiction, as reopening cannot be indirectly mandated post section 153A adjudication, preserving the finality of proceedings. The Tribunal allowed the assessee's cross-objection, clarifying that the CIT(A)'s remit ended with the deletion of the additions, and any advice or compulsion for fresh litigation under section 147 was ultra vires.
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