Centralised assessment transfers after searches coordinate connected investigations without finally determining the assessee's tax liability or assess...
Unsigned third-party records cannot establish on-money payments without corroboration and cross-examination, requiring deletion of the related additio...
The ITAT upheld that the exemption under Section 10(10D) does not apply where a life insurance policy is surrendered and the single premium paid exceeds 20% of the capital sum assured, thereby disallowing the exemption on maturity proceeds received upon surrender. However, the Tribunal found that the Assessing Officer's addition was based on an incorrect charging section and erroneous appreciation of facts. Following precedent, the ITAT held that additions made without proper legal basis are unsustainable and invalid. Consequently, the impugned additions were deemed arbitrary and perverse, leading to their deletion. The appellant's appeal was allowed in full.
The ITAT upheld that the exemption under Section 10(10D) does not apply where a life insurance policy is surrendered and the single premium paid exceeds 20% of the capital sum assured, thereby disallowing the exemption on maturity proceeds received upon surrender. However, the Tribunal found that the Assessing Officer's addition was based on an incorrect charging section and erroneous appreciation of facts. Following precedent, the ITAT held that additions made without proper legal basis are unsustainable and invalid. Consequently, the impugned additions were deemed arbitrary and perverse, leading to their deletion. The appellant's appeal was allowed in full.
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TaxTMI 
TaxTMI 
