Functional comparability governs selection of support-service and IT-enabled service comparables, with verification required for unresolved data and m...
Bank account freezing requires statutory authority; anti-money-laundering compliance and KYC monitoring do not permit unilateral indefinite restrictio...
The dominant issue was whether the AO had jurisdiction under s.55A (as applicable to AY 2011-12) to refer the property to the Valuation Officer for determining fair market value for capital gains computation. The Tribunal held that s.55A can be invoked only when the AO forms a reasoned opinion that the assessee's claimed fair market value/cost of acquisition requires substitution based on the prescribed statutory parameters; a mere perception that the declared consideration was lower by more than 25% is not a permissible basis. Since the Act does not authorize disturbing sale consideration through s.55A on that ground, the reference was invalid and the assessee's appeal was allowed. - ITAT
The dominant issue was whether the AO had jurisdiction under s.55A (as applicable to AY 2011-12) to refer the property to the Valuation Officer for determining fair market value for capital gains computation. The Tribunal held that s.55A can be invoked only when the AO forms a reasoned opinion that the assessee's claimed fair market value/cost of acquisition requires substitution based on the prescribed statutory parameters; a mere perception that the declared consideration was lower by more than 25% is not a permissible basis. Since the Act does not authorize disturbing sale consideration through s.55A on that ground, the reference was invalid and the assessee's appeal was allowed. - ITAT
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