Assessment time-barred u/s 153 due to missing competent-authority reference for Singapore exchange of information; assessment disallowed as barred by ...
Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
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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