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...
Additions under section 69A for alleged clandestine sales and unexplained investment failed because the underlying charge of clandestine removal was not sustained in excise proceedings. The ITAT noted that, for another year on the same factual basis, the appellate authority had already deleted similar additions after the CESTAT found the excise allegation unsustainable. Once the allegation of unaccounted sales did not survive, the additions based solely on that premise had no independent evidentiary footing and could not be maintained. The appeal was therefore allowed and the additions deleted.
Additions under section 69A for alleged clandestine sales and unexplained investment failed because the underlying charge of clandestine removal was not sustained in excise proceedings. The ITAT noted that, for another year on the same factual basis, the appellate authority had already deleted similar additions after the CESTAT found the excise allegation unsustainable. Once the allegation of unaccounted sales did not survive, the additions based solely on that premise had no independent evidentiary footing and could not be maintained. The appeal was therefore allowed and the additions deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
