Electronic WhatsApp evidence without authentication or independent corroboration cannot sustain an unexplained-investment addition based on third-part...
Mutual current-account transactions excluded from deemed dividend treatment where no fresh borrowing arose; unsupported unsecured-loan addition also f...
The ITAT held that where deemed consideration under s.50C is apparent from the return and corroborated by AIR/sale deed, the AO may make adjustments while processing under s.143(1); the assessee's contention that such adjustment is a purely debatable issue was rejected. However, because title disputes and a writ challenging the SRO-fixed FMV are pending, the SRO value cannot be treated as deemed consideration for s.50C, and the AO is obliged to refer valuation to the DVO. The ITAT set aside the CIT(A) order for lack of clear directions and restored the matter to the AO for de novo adjudication. Appeal of the assessee allowed for statistical purposes.
The ITAT held that where deemed consideration under s.50C is apparent from the return and corroborated by AIR/sale deed, the AO may make adjustments while processing under s.143(1); the assessee's contention that such adjustment is a purely debatable issue was rejected. However, because title disputes and a writ challenging the SRO-fixed FMV are pending, the SRO value cannot be treated as deemed consideration for s.50C, and the AO is obliged to refer valuation to the DVO. The ITAT set aside the CIT(A) order for lack of clear directions and restored the matter to the AO for de novo adjudication. Appeal of the assessee allowed for statistical purposes.
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