Family-linked property purchases using fabricated loan agreements and benami-style arrangements held to be crime proceeds; attachment upheld, appeal d...
Charitable tree plantation and maintenance for environmental preservation treated as "charitable activity", exempt from GST under Notification 12/2017...
The Tribunal treated the scrutiny as complete scrutiny because the assessment record itself showed that the case was not confined to limited scrutiny, so the objection based on CBDT Instruction No. 20/2015 failed. It also upheld denial of section 54G relief, finding no proof of sale deeds, acquisition of new assets, or actual shifting and continuation of the industrial undertaking. The disallowance of depreciation on the block of assets and the addition linked to transfer expenses in computing short-term capital gains were sustained for want of proper written down value adjustment and documentary evidence. Relief was granted only on loss on sale of fixed assets, where the reconciliation supported the assessee's computation.
The Tribunal treated the scrutiny as complete scrutiny because the assessment record itself showed that the case was not confined to limited scrutiny, so the objection based on CBDT Instruction No. 20/2015 failed. It also upheld denial of section 54G relief, finding no proof of sale deeds, acquisition of new assets, or actual shifting and continuation of the industrial undertaking. The disallowance of depreciation on the block of assets and the addition linked to transfer expenses in computing short-term capital gains were sustained for want of proper written down value adjustment and documentary evidence. Relief was granted only on loss on sale of fixed assets, where the reconciliation supported the assessee's computation.
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