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...
The ITAT dismissed the Revenue's appeal and upheld the CIT(A)'s deletion of additions made under section 69C arising from a search under section 132, holding that the AO's findings were inconclusive and uncorroborated. The Tribunal found that alleged payments for transfers/postings were supported only by material seized from third parties and digital evidence, with no direct nexus established to the assessee and with denials by the assessee; requests for cross-examination were refused below. In these circumstances, and having regard to coordinate bench reasoning on identical facts, the ITAT concluded the additions could not be sustained and affirmed deletion by the CIT(A).
The ITAT dismissed the Revenue's appeal and upheld the CIT(A)'s deletion of additions made under section 69C arising from a search under section 132, holding that the AO's findings were inconclusive and uncorroborated. The Tribunal found that alleged payments for transfers/postings were supported only by material seized from third parties and digital evidence, with no direct nexus established to the assessee and with denials by the assessee; requests for cross-examination were refused below. In these circumstances, and having regard to coordinate bench reasoning on identical facts, the ITAT concluded the additions could not be sustained and affirmed deletion by the CIT(A).
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
