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 upheld the additions made by the AO and affirmed by CIT(A), dismissing the assessee's appeal. It held that the assessee's own ledger account showed reduction of the trade liability towards the creditor, evidencing cessation of liability, attracting s. 41(1). The assessee failed to produce any material to show that the creditor had not waived the debt or that the write-back was incorrect. ITAT also confirmed the addition for unexplained expenditure arising from the difference between purchases as per the stock register and the profit and loss account, noting absence of any satisfactory explanation. Consequently, the income assessed by AO, including cessation of liability, stood sustained.
ITAT upheld the additions made by the AO and affirmed by CIT(A), dismissing the assessee's appeal. It held that the assessee's own ledger account showed reduction of the trade liability towards the creditor, evidencing cessation of liability, attracting s. 41(1). The assessee failed to produce any material to show that the creditor had not waived the debt or that the write-back was incorrect. ITAT also confirmed the addition for unexplained expenditure arising from the difference between purchases as per the stock register and the profit and loss account, noting absence of any satisfactory explanation. Consequently, the income assessed by AO, including cessation of liability, stood sustained.
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