Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
Development rights transfers treated as immovable property, while construction abatement applies and repeated non-payment permits extended service-tax...
Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
Addition under s. 56(2)(vii)(b) for alleged understatement of consideration in purchase of an immovable property was examined where the property was jointly purchased and the AO adopted stamp-duty value as on the year of registration. Since the allotment letter was issued and consideration was paid through banking channels in an earlier year, the relevant stamp-duty valuation had to be taken as on the date of allotment. On that date, the ready-reckoner value was lower than the actual consideration paid, eliminating any taxable difference; consequently, the addition made on the assessee's 50% share was held unsustainable and deleted. - ITAT
Addition under s. 56(2)(vii)(b) for alleged understatement of consideration in purchase of an immovable property was examined where the property was jointly purchased and the AO adopted stamp-duty value as on the year of registration. Since the allotment letter was issued and consideration was paid through banking channels in an earlier year, the relevant stamp-duty valuation had to be taken as on the date of allotment. On that date, the ready-reckoner value was lower than the actual consideration paid, eliminating any taxable difference; consequently, the addition made on the assessee's 50% share was held unsustainable and deleted. - ITAT
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