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 the assessment orders dated 29.12.2017 are barred by limitation and void ab initio. The Department failed to discharge the burden of proving dispatch within the statutory period under s.153B, producing only a speed post slip dated 01.01.2018 and no dispatch register entries or postal booking receipts. Service effected via a notice server on 09.01.2018 to an unrelated third party was held irregular and not a valid service in law, contrary to s.282 and Rule 127 of the Income-tax Rules. In consequence, the impugned assessment orders were invalidly issued/served and the appeals of the assessee were allowed.
ITAT held that the assessment orders dated 29.12.2017 are barred by limitation and void ab initio. The Department failed to discharge the burden of proving dispatch within the statutory period under s.153B, producing only a speed post slip dated 01.01.2018 and no dispatch register entries or postal booking receipts. Service effected via a notice server on 09.01.2018 to an unrelated third party was held irregular and not a valid service in law, contrary to s.282 and Rule 127 of the Income-tax Rules. In consequence, the impugned assessment orders were invalidly issued/served and the appeals of the assessee were allowed.
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