Tax authority's substitution of projected figures with actuals overturned; original acquisition valuation upheld; transfer pricing issues remitted for...
Beneficial owner held liable for differential customs duty; royalties added under Rule 10(1)(c); confiscation, penalties under s.111(m), s.114A, s.112...
The ITAT set aside the CIT(A)'s order and remanded the matter to the jurisdictional AO for fresh adjudication under section 56(2)(x), directing the AO to consider stamp duty, additional stamp duty, registration charges, legal fees and other taxes/charges as part of the cost of acquisition when estimating fair market value. The AO must afford the assessee a proper opportunity of hearing and permit submission of supporting documentation. The assessee is directed to furnish all necessary details to the JA(O) for reconsideration. The appeal is allowed for statistical purposes and the original addition is vacated pending fresh determination by the AO.
The ITAT set aside the CIT(A)'s order and remanded the matter to the jurisdictional AO for fresh adjudication under section 56(2)(x), directing the AO to consider stamp duty, additional stamp duty, registration charges, legal fees and other taxes/charges as part of the cost of acquisition when estimating fair market value. The AO must afford the assessee a proper opportunity of hearing and permit submission of supporting documentation. The assessee is directed to furnish all necessary details to the JA(O) for reconsideration. The appeal is allowed for statistical purposes and the original addition is vacated pending fresh determination by the AO.
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