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...
HC quashed the impugned reopening and notices under Secs. 147/148, holding that no escapement of income occurred in the return for AY 2014-15 and that subsequent events (JDA) could only trigger recomputation/amendment under Sec. 155(7B) and withdrawal of exemption under Sec. 47A - not assessment reopening. The court found the transferee consistently treated and paid tax on the asset as a capital asset; Revenue cannot adopt a contrary stance in respect of the transferor to classify the same transaction as stock-in-trade. Rectification under Sec. 154 differs from recomputation under Sec. 155(7B). Proceedings under Sec. 155(7B) were time-barred; relief granted to the transferor.
HC quashed the impugned reopening and notices under Secs. 147/148, holding that no escapement of income occurred in the return for AY 2014-15 and that subsequent events (JDA) could only trigger recomputation/amendment under Sec. 155(7B) and withdrawal of exemption under Sec. 47A - not assessment reopening. The court found the transferee consistently treated and paid tax on the asset as a capital asset; Revenue cannot adopt a contrary stance in respect of the transferor to classify the same transaction as stock-in-trade. Rectification under Sec. 154 differs from recomputation under Sec. 155(7B). Proceedings under Sec. 155(7B) were time-barred; relief granted to the transferor.
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