NPCI-based bank account validation for IEC applications and modifications enables real-time validation; incorrect details block submission or trigger ...
Creation/Invocation of pledge of securities through depository system: standardized pledge forms, notice requirement and invocation notifications to p...
Calendar Spread margin benefit for Single Stock Derivatives suspended on expiry day for expiring contracts; exchanges must implement systems and rule ...
The ITAT upheld reassessment jurisdiction under the post-1.4.2021 search regime, holding that incriminating material is not a condition precedent for issuing notice under section 148 and that such material is to be examined in the reassessment proceedings; the challenge to the notice therefore failed. On merits, it deleted the section 68 and consequential section 69C additions on sale of investments, finding that the investments were earlier accepted in audited balance sheets and scrutiny, sale proceeds were received through banking channels from identified purchasers, and the additions rested mainly on uncorroborated third-party statements and seized material without cross-examination.
The ITAT upheld reassessment jurisdiction under the post-1.4.2021 search regime, holding that incriminating material is not a condition precedent for issuing notice under section 148 and that such material is to be examined in the reassessment proceedings; the challenge to the notice therefore failed. On merits, it deleted the section 68 and consequential section 69C additions on sale of investments, finding that the investments were earlier accepted in audited balance sheets and scrutiny, sale proceeds were received through banking channels from identified purchasers, and the additions rested mainly on uncorroborated third-party statements and seized material without cross-examination.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
