Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
ITAT affirmed the inclusion of the differential between the Government stamp valuation and the declared sale consideration in the assessee's income under s. 43CA; the assessing officer had added the shortfall where the sale deed showed Rs. 45,00,000 against stamp valuation of Rs. 58,23,600, and CIT(A) confirmed the addition due to absence of any evidence of an appeal to the stamp valuation authority. The assessee's failure to adduce supporting material and non-appearance before the Tribunal resulted in the appellate relief being denied and the impugned addition upheld.
ITAT affirmed the inclusion of the differential between the Government stamp valuation and the declared sale consideration in the assessee's income under s. 43CA; the assessing officer had added the shortfall where the sale deed showed Rs. 45,00,000 against stamp valuation of Rs. 58,23,600, and CIT(A) confirmed the addition due to absence of any evidence of an appeal to the stamp valuation authority. The assessee's failure to adduce supporting material and non-appearance before the Tribunal resulted in the appellate relief being denied and the impugned addition upheld.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
