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...
In search-related assessments under section 153A, additions were not sustainable in the absence of incriminating material found during the search. Cash shortage at business premises, cash found at residence, opening balance creditors, explained capital introduction, foreign currency purchases, and house construction/renovation were treated as explained on the record, while section 69C and section 69 additions failed because the revenue did not establish that the disputed expenditure or investment was outside the books. Disallowance under section 40A(3) also could not survive where the underlying expenditure was accepted and no specific contravening cash payment or rule 6DD breach was shown. The departmental appeals were rejected and the assessees' cross appeals were allowed to the extent additions had been sustained.
In search-related assessments under section 153A, additions were not sustainable in the absence of incriminating material found during the search. Cash shortage at business premises, cash found at residence, opening balance creditors, explained capital introduction, foreign currency purchases, and house construction/renovation were treated as explained on the record, while section 69C and section 69 additions failed because the revenue did not establish that the disputed expenditure or investment was outside the books. Disallowance under section 40A(3) also could not survive where the underlying expenditure was accepted and no specific contravening cash payment or rule 6DD breach was shown. The departmental appeals were rejected and the assessees' cross appeals were allowed to the extent additions had been sustained.
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