Transition support services from corporate spinoff for India business segment - TP adjustment deleted; comparables reassessed; goodwill depreciation, ...
Qualification of fire extinguishers as aircraft parts - original duty finding under Notification No.50/2017-Sr.545 vacated; remanded for fresh adjudic...
Additions under ss. 69A and 69B were examined on whether they could rest primarily on a statement recorded u/s 132(4) and generalized references to digital material. It was held that, absent identification of any specific incriminating seized document and without corroborative evidence of unexplained money or investment, the deeming provisions could not be invoked; the seized cash/jewellery already stood offered as business income from land-deal activity and was taxable u/s 28, not u/ss. 69A/69B r/w s. 115BBE, so these additions were deleted. On brokerage, addition was sustained where there was clear admission of receipt from both sides, but deleted for another transaction where no admission existed and the AO's 1% estimate lacked documentary/third-party support; CIT(A)'s order was affirmed. - ITAT
Additions under ss. 69A and 69B were examined on whether they could rest primarily on a statement recorded u/s 132(4) and generalized references to digital material. It was held that, absent identification of any specific incriminating seized document and without corroborative evidence of unexplained money or investment, the deeming provisions could not be invoked; the seized cash/jewellery already stood offered as business income from land-deal activity and was taxable u/s 28, not u/ss. 69A/69B r/w s. 115BBE, so these additions were deleted. On brokerage, addition was sustained where there was clear admission of receipt from both sides, but deleted for another transaction where no admission existed and the AO's 1% estimate lacked documentary/third-party support; CIT(A)'s order was affirmed. - ITAT
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