Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
Additions for cash receipts found during survey were unsustainable where the impugned receipts related to land owned and sold by a partnership firm, the advances were recorded in the firm's books as advances for sale of flats, and the firm had offered the corresponding income to tax; absent contrary evidence showing the transactions belonged to the individual taxpayer, the addition as the taxpayer's income was deleted. Additions based on impounded documents recording transactions in the taxpayer's name were likewise deleted because, on identical facts, the transactions were held to pertain to the partnership firm and to be accounted for as advances in the firm's books, rendering assessment in the taxpayer's hands impermissible. - ITAT
Additions for cash receipts found during survey were unsustainable where the impugned receipts related to land owned and sold by a partnership firm, the advances were recorded in the firm's books as advances for sale of flats, and the firm had offered the corresponding income to tax; absent contrary evidence showing the transactions belonged to the individual taxpayer, the addition as the taxpayer's income was deleted. Additions based on impounded documents recording transactions in the taxpayer's name were likewise deleted because, on identical facts, the transactions were held to pertain to the partnership firm and to be accounted for as advances in the firm's books, rendering assessment in the taxpayer's hands impermissible. - ITAT
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