Reassessment under s.148A held valid; s.69 additions totaling Rs.7,00,000 deleted after acceptable contemporaneous explanations for property investmen...
Adjudication set aside; Rule 9 valuation based on internet engineer report quashed for Rule 3(4) non-compliance; Section 138B cross-examination requir...
The ITAT affirmed the First Appellate Authority: the assessee's claim of exemption under sections 10(34) and 10(35) was held admissible; the cancellation of registration under section 12A for FY 2014-15 precluded claim under section 11, rendering the dividend and unit income exempt under 10(34)/10(35). Alleged contravention of sections 13(1)(d) and 13(2)(h) was rejected because the impugned investment constituted accretion of bonus shares and did not attract section 13(1)(d). Claims for deduction under section 80G/80GGA were remitted to the AO for verification and allowance to entities registered under section 80G(3)(a)(iiif) in accordance with section 80G(4).
The ITAT affirmed the First Appellate Authority: the assessee's claim of exemption under sections 10(34) and 10(35) was held admissible; the cancellation of registration under section 12A for FY 2014-15 precluded claim under section 11, rendering the dividend and unit income exempt under 10(34)/10(35). Alleged contravention of sections 13(1)(d) and 13(2)(h) was rejected because the impugned investment constituted accretion of bonus shares and did not attract section 13(1)(d). Claims for deduction under section 80G/80GGA were remitted to the AO for verification and allowance to entities registered under section 80G(3)(a)(iiif) in accordance with section 80G(4).
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