Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
Customs valuation must use comparable contemporary imports, while confiscation fines and penalties require proportionate recalculation on reassessed v...
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Cash received over and above the registered sale consideration on transfer of jointly owned immovable properties was treated as additional sale consideration, not unexplained money. Section 69A applies only where a person is found to be owner of unrecorded money and cannot satisfactorily explain its nature and source; here, the Assessing Officer had accepted the receipt as on-money from the buyers. Because the source was identified as part of the sale transaction, the amount could not be taxed as unexplained money merely because it was received in cash and omitted from the sale deed. The capital gains computation had to be recomputed in each co-owner's hands according to their share.
Cash received over and above the registered sale consideration on transfer of jointly owned immovable properties was treated as additional sale consideration, not unexplained money. Section 69A applies only where a person is found to be owner of unrecorded money and cannot satisfactorily explain its nature and source; here, the Assessing Officer had accepted the receipt as on-money from the buyers. Because the source was identified as part of the sale transaction, the amount could not be taxed as unexplained money merely because it was received in cash and omitted from the sale deed. The capital gains computation had to be recomputed in each co-owner's hands according to their share.
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