Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
ITAT allowed the assessee's appeal, deleting the addition made as unexplained expenditure u/s 69C in respect of alleged furniture expenses incurred by the assessee's spouse. The Tribunal noted that, as per the capital account and balance sheet as on 31.03.2017, the spouse possessed sufficient funds to meet the furniture expenditure of Rs. 17,50,000/-. In the absence of any rebuttal or contrary material from the Revenue, the explanation could not be discarded. The addition was held to be arbitrary, misconceived and unsustainable in law.
ITAT allowed the assessee's appeal, deleting the addition made as unexplained expenditure u/s 69C in respect of alleged furniture expenses incurred by the assessee's spouse. The Tribunal noted that, as per the capital account and balance sheet as on 31.03.2017, the spouse possessed sufficient funds to meet the furniture expenditure of Rs. 17,50,000/-. In the absence of any rebuttal or contrary material from the Revenue, the explanation could not be discarded. The addition was held to be arbitrary, misconceived and unsustainable in law.
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TaxTMI 
TaxTMI 
of 4918 
