NPCI-based bank account validation for IEC applications and modifications enables real-time validation; incorrect details block submission or trigger ...
Creation/Invocation of pledge of securities through depository system: standardized pledge forms, notice requirement and invocation notifications to p...
Calendar Spread margin benefit for Single Stock Derivatives suspended on expiry day for expiring contracts; exchanges must implement systems and rule ...
Proportionate interest, unexplained credits and partner remuneration disputed; proofs of fund nexus and lender identity were decisive and disallowance...
Capital gains valuation from stamp assessment versus net consideration for residential reinvestment: deemed stamp value replaced for gains but not for...
Addition based on undisclosed income allegedly admitted during survey u/s 133A was deleted because the Revenue produced no substantive corroborative evidence, and a survey statement, particularly when promptly retracted and alleged to be obtained under coercion, lacks evidentiary value; reliance was placed on binding precedent holding that no addition can rest solely on such statement, supported by CBDT instructions to rely on material evidence, resulting in dismissal of the Revenue's ground. Disallowance u/s 40A(3) was upheld only to the extent sustained by the first appellate authority since detailed expense-wise verification showed certain payments were made through account payee cheque and the appellate findings disclosed no infirmity, leading to rejection of the Revenue's challenge. - ITAT
Addition based on undisclosed income allegedly admitted during survey u/s 133A was deleted because the Revenue produced no substantive corroborative evidence, and a survey statement, particularly when promptly retracted and alleged to be obtained under coercion, lacks evidentiary value; reliance was placed on binding precedent holding that no addition can rest solely on such statement, supported by CBDT instructions to rely on material evidence, resulting in dismissal of the Revenue's ground. Disallowance u/s 40A(3) was upheld only to the extent sustained by the first appellate authority since detailed expense-wise verification showed certain payments were made through account payee cheque and the appellate findings disclosed no infirmity, leading to rejection of the Revenue's challenge. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
