Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
ITAT held that the assessment framed u/s 153A was invalid as the alleged incriminating material, in the form of a statement recorded u/s 132(4), was obtained during search on a third party and not from the possession of the assessee. Such material, if construed as belonging or pertaining to a person other than the searched party, could only be used by invoking s.153C after proper satisfaction and transmission to the AO having jurisdiction over that other person. The mandatory procedure under s.153C was not followed, and the assessee was not afforded an opportunity to cross-examine the third-party witness. Consequently, the additions made under s.153A were held unsustainable and the assessee's appeal was allowed in full.
ITAT held that the assessment framed u/s 153A was invalid as the alleged incriminating material, in the form of a statement recorded u/s 132(4), was obtained during search on a third party and not from the possession of the assessee. Such material, if construed as belonging or pertaining to a person other than the searched party, could only be used by invoking s.153C after proper satisfaction and transmission to the AO having jurisdiction over that other person. The mandatory procedure under s.153C was not followed, and the assessee was not afforded an opportunity to cross-examine the third-party witness. Consequently, the additions made under s.153A were held unsustainable and the assessee's appeal was allowed in full.
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