Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
ITAT held that the addition of capital gains to the taxpayer's individual assessment was unsustainable and allowed the appeal. The Tribunal found, on the basis of the will, sale deed and bank receipts, that the immovable property was owned and sold by the taxpayer's HUF and trust, not by the taxpayer in his individual capacity; the tax authority failed to rebut these documentary facts. The Tribunal rejected reliance on the mere mention of the taxpayer's PAN on the sale registration as insufficient to establish individual ownership. Consequently, the capital gains could not be taxed in the taxpayer's hands and the addition was set aside.
ITAT held that the addition of capital gains to the taxpayer's individual assessment was unsustainable and allowed the appeal. The Tribunal found, on the basis of the will, sale deed and bank receipts, that the immovable property was owned and sold by the taxpayer's HUF and trust, not by the taxpayer in his individual capacity; the tax authority failed to rebut these documentary facts. The Tribunal rejected reliance on the mere mention of the taxpayer's PAN on the sale registration as insufficient to establish individual ownership. Consequently, the capital gains could not be taxed in the taxpayer's hands and the addition was set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
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