Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
Development rights transfers treated as immovable property, while construction abatement applies and repeated non-payment permits extended service-tax...
Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
In bogus purchase matters, the ITAT held that disallowance could not rest solely on search statements where section 133(6) notices were complied with and confirmations, returns and Form 16A were produced; with sales not treated as unexplained and the books not rejected, deletion of the major disallowance was upheld. For two parties that did not respond and did not furnish confirmations or returns, the Tribunal sustained only a 5% disallowance on the remaining purchases, without precedent effect. In the unexplained money issue, ticket sale receipts were duly explained on record, so deletion of the section 69A addition was confirmed. The Revenue's appeals failed.
In bogus purchase matters, the ITAT held that disallowance could not rest solely on search statements where section 133(6) notices were complied with and confirmations, returns and Form 16A were produced; with sales not treated as unexplained and the books not rejected, deletion of the major disallowance was upheld. For two parties that did not respond and did not furnish confirmations or returns, the Tribunal sustained only a 5% disallowance on the remaining purchases, without precedent effect. In the unexplained money issue, ticket sale receipts were duly explained on record, so deletion of the section 69A addition was confirmed. The Revenue's appeals failed.
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