Functional comparability governs selection of support-service and IT-enabled service comparables, with verification required for unresolved data and m...
Bank account freezing requires statutory authority; anti-money-laundering compliance and KYC monitoring do not permit unilateral indefinite restrictio...
ITAT held that impugned additions made on the basis of an impounded third-party ledger could not be sustained and allowed the assessee's grounds. The Tribunal found the reproduced document belonged to third parties and, under Section 292C, its contents must be construed in favour of the assessee where the document is not self-speaking as proof of the assessee's income. The assessee, a property broker, could not be compelled to produce third-party originals; photocopies matching Party B's bank statement and confirmations of cheque issuance rebutted adverse inference. AO and lower authorities failed to undertake further inquiry despite having statutory powers; accordingly the additions were deleted and the assessment adjusted in favour of the assessee.
ITAT held that impugned additions made on the basis of an impounded third-party ledger could not be sustained and allowed the assessee's grounds. The Tribunal found the reproduced document belonged to third parties and, under Section 292C, its contents must be construed in favour of the assessee where the document is not self-speaking as proof of the assessee's income. The assessee, a property broker, could not be compelled to produce third-party originals; photocopies matching Party B's bank statement and confirmations of cheque issuance rebutted adverse inference. AO and lower authorities failed to undertake further inquiry despite having statutory powers; accordingly the additions were deleted and the assessment adjusted in favour of the assessee.
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