Dependent Agent PE unresolved for lack of factual inquiry; arm's-length distribution accepted; royalty claim rejected; 15% refund interest (Section 24...
Exemption under s.10(23C)(iiiad) upheld; appeal allowed, interest and dividends excluded from annual receipts, disallowance deleted, capital gains exe...
ITAT upheld the validity of reassessment proceedings initiated under s.147 by notice under s.148, finding no infirmity in reopening based on documents seized from a third party and dismissing the challenge that proceedings should have been under ss.153A/153C. However, ITAT found the substantive additions for alleged cash receipts unsustainable: seized papers did not bear the assessee's name, no corroborative evidence linked the entries to the assessee, and the disputed Rs.5,00,000 was shown returned to a related group company with bank records and no proof of cash receipt by the assessee. AO was directed to delete the additions; respective grounds of appeal were allowed.
ITAT upheld the validity of reassessment proceedings initiated under s.147 by notice under s.148, finding no infirmity in reopening based on documents seized from a third party and dismissing the challenge that proceedings should have been under ss.153A/153C. However, ITAT found the substantive additions for alleged cash receipts unsustainable: seized papers did not bear the assessee's name, no corroborative evidence linked the entries to the assessee, and the disputed Rs.5,00,000 was shown returned to a related group company with bank records and no proof of cash receipt by the assessee. AO was directed to delete the additions; respective grounds of appeal were allowed.
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