Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
ITAT set aside the assessment to the file of the AO and directed recomputation of long-term capital gains (LTCG). The AO must enquire into and allow deduction for cost of acquisition and cost of improvement, if any, after calling for and verifying requisite particulars, because denial without such inquiry was impermissible and the Department must not derive advantage from an assessee's ignorance. The tribunal also directed allowance of deduction under s.54F for construction expenses incurred up to the extended due date under s.139(4), subject to verification that the assessee did not own more than one residential property on the date of sale. The assessee's ground is allowed for statistical purposes.
ITAT set aside the assessment to the file of the AO and directed recomputation of long-term capital gains (LTCG). The AO must enquire into and allow deduction for cost of acquisition and cost of improvement, if any, after calling for and verifying requisite particulars, because denial without such inquiry was impermissible and the Department must not derive advantage from an assessee's ignorance. The tribunal also directed allowance of deduction under s.54F for construction expenses incurred up to the extended due date under s.139(4), subject to verification that the assessee did not own more than one residential property on the date of sale. The assessee's ground is allowed for statistical purposes.
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