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...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
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ITAT allowed the assessee's appeal, holding that interest received on enhanced compensation for compulsory acquisition of agricultural land, awarded under s.28 of the Land Acquisition Act, is in the nature of compensation and forms part of the full value of consideration for such compulsory acquisition. Consequently, the amount is eligible for exemption under s.10(37) of the Income-tax Act. The Tribunal held that provisions of s.56(2)(viii) read with s.145B are inapplicable in such circumstances and directed deletion of the addition made by the AO.
ITAT allowed the assessee's appeal, holding that interest received on enhanced compensation for compulsory acquisition of agricultural land, awarded under s.28 of the Land Acquisition Act, is in the nature of compensation and forms part of the full value of consideration for such compulsory acquisition. Consequently, the amount is eligible for exemption under s.10(37) of the Income-tax Act. The Tribunal held that provisions of s.56(2)(viii) read with s.145B are inapplicable in such circumstances and directed deletion of the addition made by the AO.
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