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...
Dominant issue 1: Whether unexplained "on-money" from sale of units could be added where search produced loose slips but no corroborative evidence. Reasoning: The tribunal applied the principle in Umacharan Shaw that suspicion cannot substitute evidence and found the AO and CIT(A) relied on assumptions without corroboration; consequence-all on-money additions for the two projects were deleted. Dominant issue 2: Whether deemed rent under s.23(5) is exigible for unsold units. Reasoning: s.23(5) mandates deemed rent after two years from building-use permission and contains no carve-out for pre-enactment projects; absence of evidence of actual letting justified estimate; consequence-the deemed rent addition at 3% was sustained and that ground dismissed. - ITAT
Dominant issue 1: Whether unexplained "on-money" from sale of units could be added where search produced loose slips but no corroborative evidence. Reasoning: The tribunal applied the principle in Umacharan Shaw that suspicion cannot substitute evidence and found the AO and CIT(A) relied on assumptions without corroboration; consequence-all on-money additions for the two projects were deleted. Dominant issue 2: Whether deemed rent under s.23(5) is exigible for unsold units. Reasoning: s.23(5) mandates deemed rent after two years from building-use permission and contains no carve-out for pre-enactment projects; absence of evidence of actual letting justified estimate; consequence-the deemed rent addition at 3% was sustained and that ground dismissed. - ITAT
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