Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
ITAT held that the subject property was partly self-occupied and partly let out; assessing the entire annual letting value (ALV) as the assessee's income was erroneous. The Tribunal found the AO's adoption of an artificial rate (yielding a monthly rent based on 1,200 per sq.ft.) unsupported and derived from commercial listings, hence not a reliable or scientific basis for ALV. The matter was remitted to the AO to determine ALV solely for the let-out portion, applying legal principles and precedents for valuation and after affording the assessee adequate opportunity of being heard. The assessee's grounds were partly allowed for statistical purposes.
ITAT held that the subject property was partly self-occupied and partly let out; assessing the entire annual letting value (ALV) as the assessee's income was erroneous. The Tribunal found the AO's adoption of an artificial rate (yielding a monthly rent based on 1,200 per sq.ft.) unsupported and derived from commercial listings, hence not a reliable or scientific basis for ALV. The matter was remitted to the AO to determine ALV solely for the let-out portion, applying legal principles and precedents for valuation and after affording the assessee adequate opportunity of being heard. The assessee's grounds were partly allowed for statistical purposes.
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