Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
ITAT upholds the addition under section 56(2)(vii)(b), holding the transactions to be two distinct purchases rather than a continuation of a single agreement; consequently the proviso to section 56(2)(vii)(b) is inapplicable and the taxpayer's claim of non-monetary consideration is rejected. The Tribunal finds the adjustment of payments between contracts constituted a financing mechanism and did not alter the separate contractual nature of each transaction. However, because the earlier agreement was cancelled and the taxpayer's rights extinguished constituting a transfer within section 2(47), the matter is remitted to the AO to determine loss arising on cancellation and to allow set-off/carry-forward as permissible after affording opportunity to the taxpayer. Appeal partly allowed for statistical purposes.
ITAT upholds the addition under section 56(2)(vii)(b), holding the transactions to be two distinct purchases rather than a continuation of a single agreement; consequently the proviso to section 56(2)(vii)(b) is inapplicable and the taxpayer's claim of non-monetary consideration is rejected. The Tribunal finds the adjustment of payments between contracts constituted a financing mechanism and did not alter the separate contractual nature of each transaction. However, because the earlier agreement was cancelled and the taxpayer's rights extinguished constituting a transfer within section 2(47), the matter is remitted to the AO to determine loss arising on cancellation and to allow set-off/carry-forward as permissible after affording opportunity to the taxpayer. Appeal partly allowed for statistical purposes.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
