Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
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 partly allowed the appeal in respect of additions under s.69A r.w.s. and s.115BBE arising from a search at common family premises. The AO's jewellery additions were deleted by the CIT(A) on factual analysis that the jewellery belonged to the family; Revenue did not challenge that finding, rendering it final. As to wrist watches, the AO had attributed all watches to the assessee, but CIT(A) found they were located in a shared residence occupied by multiple family members and, given the family's status and absence of purchase particulars, declined to uphold additions based on contemporary market valuation. The net result is deletion of jewellery additions and rejection of watch additions, with the appeal therefore partly allowed.
ITAT partly allowed the appeal in respect of additions under s.69A r.w.s. and s.115BBE arising from a search at common family premises. The AO's jewellery additions were deleted by the CIT(A) on factual analysis that the jewellery belonged to the family; Revenue did not challenge that finding, rendering it final. As to wrist watches, the AO had attributed all watches to the assessee, but CIT(A) found they were located in a shared residence occupied by multiple family members and, given the family's status and absence of purchase particulars, declined to uphold additions based on contemporary market valuation. The net result is deletion of jewellery additions and rejection of watch additions, with the appeal therefore partly allowed.
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