Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
Insurer's investment gains and investment write-downs face Section 263 revision; enquiry upheld, Rule 5(b)(ii) lapse sustained, late corrigendum quash...
Where reassessment is initiated under s.147 on recorded reasons, the AO must first make an addition on the very issue forming the basis of those reasons; if the AO accepts the explanation and makes no addition on the recorded-reasons issue, no other addition can be made on unrelated matters, and Expln. 3 to s.147 does not cure this defect. Since the AO made no addition regarding the cash deposits referred to in the reasons but instead made an addition under s.40A(3) without any recorded reason, the s.40A(3) addition was held unsustainable and directed to be deleted; the taxpayer's ground was allowed. - ITAT
Where reassessment is initiated under s.147 on recorded reasons, the AO must first make an addition on the very issue forming the basis of those reasons; if the AO accepts the explanation and makes no addition on the recorded-reasons issue, no other addition can be made on unrelated matters, and Expln. 3 to s.147 does not cure this defect. Since the AO made no addition regarding the cash deposits referred to in the reasons but instead made an addition under s.40A(3) without any recorded reason, the s.40A(3) addition was held unsustainable and directed to be deleted; the taxpayer's ground was allowed. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4824 
Join Channel 
