Proportionate interest, unexplained credits and partner remuneration disputed; proofs of fund nexus and lender identity were decisive and disallowance...
Capital gains valuation from stamp assessment versus net consideration for residential reinvestment: deemed stamp value replaced for gains but not for...
Capital gains on a slump sale under section 50B were recomputed to allow reduction of capital work-in-progress that had been inadvertently omitted from the original working. The Tribunal noted that the assessee had already offered the slump sale gain in the original return, explained the omission during assessment, and showed the asset consistently in earlier balance sheets. As the Assessing Officer rejected the claim only because it was not made through a revised return, without disputing its factual correctness or adducing contrary material, the correction could not be denied on that procedural ground. The appellate order allowing the recomputation was upheld.
Capital gains on a slump sale under section 50B were recomputed to allow reduction of capital work-in-progress that had been inadvertently omitted from the original working. The Tribunal noted that the assessee had already offered the slump sale gain in the original return, explained the omission during assessment, and showed the asset consistently in earlier balance sheets. As the Assessing Officer rejected the claim only because it was not made through a revised return, without disputing its factual correctness or adducing contrary material, the correction could not be denied on that procedural ground. The appellate order allowing the recomputation was upheld.
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