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Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
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Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
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ITAT held that a PCIT order under s.127 effected exclusive jurisdiction transfer to DCIT/ACIT, Central Circle-2, Madurai with effect from 09.12.2020; administrative delay in ITBA migration does not defer legal effect. Consequently, the ITO, Ward-4, Tirunelveli's notice issued u/s 143(2) on 29.06.2021 was without jurisdiction, invalid and liable to be quashed, rendering any resulting assessment order void ab initio. On merits, ITAT upheld the CIT(A)'s deletion of additions: an addition for alleged undisclosed business income based solely on survey notings was unsupported by corroborative evidence, and an addition u/s 68 read with s.115BBE was incorrect as amounts were opening balances, not credits in the year.
ITAT held that a PCIT order under s.127 effected exclusive jurisdiction transfer to DCIT/ACIT, Central Circle-2, Madurai with effect from 09.12.2020; administrative delay in ITBA migration does not defer legal effect. Consequently, the ITO, Ward-4, Tirunelveli's notice issued u/s 143(2) on 29.06.2021 was without jurisdiction, invalid and liable to be quashed, rendering any resulting assessment order void ab initio. On merits, ITAT upheld the CIT(A)'s deletion of additions: an addition for alleged undisclosed business income based solely on survey notings was unsupported by corroborative evidence, and an addition u/s 68 read with s.115BBE was incorrect as amounts were opening balances, not credits in the year.
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