Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
Development rights transfers treated as immovable property, while construction abatement applies and repeated non-payment permits extended service-tax...
Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
ITAT allowed the assessee's appeal. It held that the disputed amount received from a purchaser as advance against sale of two farmhouses, duly supported by executed and cancelled agreements seized during search and subjected to TDS u/s 194I, constituted genuine business advances and not unexplained cash credits u/s 68. The assessee established the investor's creditworthiness and the genuineness of the transaction; hence the s.68 addition was deleted. Further, additions based on documents seized from a third party were quashed as the AO failed to follow the mandatory procedure and obtain approval under Explanation 2 to s.148.
ITAT allowed the assessee's appeal. It held that the disputed amount received from a purchaser as advance against sale of two farmhouses, duly supported by executed and cancelled agreements seized during search and subjected to TDS u/s 194I, constituted genuine business advances and not unexplained cash credits u/s 68. The assessee established the investor's creditworthiness and the genuineness of the transaction; hence the s.68 addition was deleted. Further, additions based on documents seized from a third party were quashed as the AO failed to follow the mandatory procedure and obtain approval under Explanation 2 to s.148.
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