Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
Development rights transfers treated as immovable property, while construction abatement applies and repeated non-payment permits extended service-tax...
Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
ITAT upheld the CIT(A)'s deletion of an income addition where the AO had disallowed capital introduced by a partner as unexplained income. The Tribunal found the assessee established identity and capacity of the creditor (the partner) and that absence of interest payments to a company did not demonstrate transaction sham; alternative explanations (e.g. borrower's poor finances) could account for nonpayment. The AO failed to discharge the burden of proving the funds originated from the firm rather than the partner or that the transaction was a colourable device. In consequence the addition lacked sufficient evidentiary foundation and the Revenue's ground was rejected.
ITAT upheld the CIT(A)'s deletion of an income addition where the AO had disallowed capital introduced by a partner as unexplained income. The Tribunal found the assessee established identity and capacity of the creditor (the partner) and that absence of interest payments to a company did not demonstrate transaction sham; alternative explanations (e.g. borrower's poor finances) could account for nonpayment. The AO failed to discharge the burden of proving the funds originated from the firm rather than the partner or that the transaction was a colourable device. In consequence the addition lacked sufficient evidentiary foundation and the Revenue's ground was rejected.
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