Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
The ITAT upheld the validity of the reassessment proceedings, holding that in the given factual matrix, where the assessee persistently failed to comply with statutory notices and the assessment was completed u/s 144, non-issuance of notice u/s 143(2) after a belated return in response to notice u/s 148 did not vitiate the assessment or the jurisdiction assumed u/s 147. However, on the merits of additions towards alleged bogus LTCG and accommodation entries, the ITAT found that the trades were speculative transactions u/s 43(5), duly supported by broker records and bank statements, and that the AO and CIT(A) had made additions purely on conjecture without basic inquiry or tangible material. Consequently, the ITAT deleted the sustained additions of Rs. 1,53,633 and Rs. 25,79,787, granting substantive relief to the assessee on quantum while maintaining the reassessment's legal validity.
The ITAT upheld the validity of the reassessment proceedings, holding that in the given factual matrix, where the assessee persistently failed to comply with statutory notices and the assessment was completed u/s 144, non-issuance of notice u/s 143(2) after a belated return in response to notice u/s 148 did not vitiate the assessment or the jurisdiction assumed u/s 147. However, on the merits of additions towards alleged bogus LTCG and accommodation entries, the ITAT found that the trades were speculative transactions u/s 43(5), duly supported by broker records and bank statements, and that the AO and CIT(A) had made additions purely on conjecture without basic inquiry or tangible material. Consequently, the ITAT deleted the sustained additions of Rs. 1,53,633 and Rs. 25,79,787, granting substantive relief to the assessee on quantum while maintaining the reassessment's legal validity.
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