Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
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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