Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
Issue 1 - Unexplained investment under section 69A: tribunal found ledger and monthly summaries of proprietor's drawings (narrating cash withdrawals used to purchase the site) constituted prima facie source for the cash payments, though these records were not produced before the AO; consequence: matter remitted to the AO to consider the documents filed before the tribunal (and any further evidence) and decide in accordance with law after hearing the assessee. Issue 2 - Net-profit determination: AO's adoption of 8% standard profit was unsupported, whereas audited books and industry comparables justified the declared 7% margin; consequence: addition confirmed by lower authorities set aside and appeal allowed. - ITAT
Issue 1 - Unexplained investment under section 69A: tribunal found ledger and monthly summaries of proprietor's drawings (narrating cash withdrawals used to purchase the site) constituted prima facie source for the cash payments, though these records were not produced before the AO; consequence: matter remitted to the AO to consider the documents filed before the tribunal (and any further evidence) and decide in accordance with law after hearing the assessee. Issue 2 - Net-profit determination: AO's adoption of 8% standard profit was unsupported, whereas audited books and industry comparables justified the declared 7% margin; consequence: addition confirmed by lower authorities set aside and appeal allowed. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
