Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
Reassessment proceedings in search-related group cases were upheld as valid, with initiation and notices sustained following coordinate-bench precedent and applicable procedural provisions. For receipts characterised as unaccounted 'on money', only the profit element is taxable and the appropriate benchmark rate for estimation was fixed at 10%, reducing higher departmental estimates. Unaccounted profit arising on sale of immovable property must be recognised and taxed in the year of actual sale (execution/registration of the sale deed) where risks and rewards transfer; ICDS III was held inapplicable to the assessee. Confirmed estimated unaccounted profit was permitted to be set off (telescoped) against additions for alleged advances/expenses, avoiding double taxation.
Reassessment proceedings in search-related group cases were upheld as valid, with initiation and notices sustained following coordinate-bench precedent and applicable procedural provisions. For receipts characterised as unaccounted 'on money', only the profit element is taxable and the appropriate benchmark rate for estimation was fixed at 10%, reducing higher departmental estimates. Unaccounted profit arising on sale of immovable property must be recognised and taxed in the year of actual sale (execution/registration of the sale deed) where risks and rewards transfer; ICDS III was held inapplicable to the assessee. Confirmed estimated unaccounted profit was permitted to be set off (telescoped) against additions for alleged advances/expenses, avoiding double taxation.
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