Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
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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