ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
ITAT affirmed the assessment: the AO's computation of business income at 8% of turnover under section 44AD was sustained, with CIT(A)'s concurrence upheld as a correct finding. Separately, additions relating to acquisition of an immovable asset were also upheld because the assessee failed to discharge the initial onus to establish receipts from relatives-no satisfactory identity, PAN/return evidence, bank statements evidencing receipt/debit, confirmation, repayment records or proof of creditworthiness were furnished. Consequently, the unexplained investment was disallowed and the assessee's appeal was dismissed in its entirety.
ITAT affirmed the assessment: the AO's computation of business income at 8% of turnover under section 44AD was sustained, with CIT(A)'s concurrence upheld as a correct finding. Separately, additions relating to acquisition of an immovable asset were also upheld because the assessee failed to discharge the initial onus to establish receipts from relatives-no satisfactory identity, PAN/return evidence, bank statements evidencing receipt/debit, confirmation, repayment records or proof of creditworthiness were furnished. Consequently, the unexplained investment was disallowed and the assessee's appeal was dismissed in its entirety.
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