Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Where an assessee objects to stamp-duty valuation under section 50C and requests reference to the Valuation Officer, compliance with that statutory procedure is mandatory. The Tribunal found that no effective DVO reference had actually been made, as the record showed only a request for technical assistance and no follow-up communication from the assessment unit. On that basis, adoption of stamp value for the capital gains addition was unsustainable and the addition was deleted. The Tribunal also rejected the Revenue's request to remand the matter for a post-assessment valuation report, holding that doing so would impermissibly extend the assessment limitation and that section 155(15) did not apply where no valuation report existed.
Where an assessee objects to stamp-duty valuation under section 50C and requests reference to the Valuation Officer, compliance with that statutory procedure is mandatory. The Tribunal found that no effective DVO reference had actually been made, as the record showed only a request for technical assistance and no follow-up communication from the assessment unit. On that basis, adoption of stamp value for the capital gains addition was unsustainable and the addition was deleted. The Tribunal also rejected the Revenue's request to remand the matter for a post-assessment valuation report, holding that doing so would impermissibly extend the assessment limitation and that section 155(15) did not apply where no valuation report existed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4821 
Join Channel 
