Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Allocation of enhanced FSI/TDR proceeds between cooperative society and individual flat-owners; tribunal deletes society LTCG addition, remits 80P ver...
Electronic Postal Bill of Export templates mandating specified data fields for postal export declarations; system-generated Let Export Order on public...
Whether seized documents constituted "incriminating material" to sustain an addition under section 68: Tribunal found the assessee's books and financials consistently showed investment/trading in shares, no evidence of physical movement of goods, and no AO finding that seized Tally data were parallel books; search material related to other group entities and thus irrelevant to the assessee's transactions. Legal basis: absence of incriminating material and reliance on Supreme Court precedent. Outcome: addition treating loans as bogus under section 68 is unsupported and is deleted; appeal allowed. - ITAT
Whether seized documents constituted "incriminating material" to sustain an addition under section 68: Tribunal found the assessee's books and financials consistently showed investment/trading in shares, no evidence of physical movement of goods, and no AO finding that seized Tally data were parallel books; search material related to other group entities and thus irrelevant to the assessee's transactions. Legal basis: absence of incriminating material and reliance on Supreme Court precedent. Outcome: addition treating loans as bogus under section 68 is unsupported and is deleted; appeal allowed. - ITAT
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