Religious purpose exclusion versus charitable purpose: non overriding religious objects do not attract Explanation 3, registration directed under sect...
Search-assessment proviso jurisdiction, time-barred valuation reports, and denial of cross-examination vitiate valuation-based and confession-based ad...
Proceeds of crime: provisional attachment confirmed; equivalent value attachment and acquisition date fair market value upheld, Covid exclusion preser...
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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