Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
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.
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