Belated Form 10B filing during Covid-19 cannot defeat charitable exemption where genuine hardship warrants condonation and substantial justice prevail...
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...
ITAT held that the search assessment regime under section 153C is triggered by initiation of search in the case of the searched person, not by the later notice to the other person; because the search and handover of seized material occurred before 01/04/2021, the pre-amended law applied and the notice was valid. On merits, the addition based solely on seized pen drive data and Excel printouts failed because the electronic record was inadmissible for lack of valid section 65B compliance and no independent corroboration existed. The separate addition based on an unsigned third-party voucher was also deleted for want of supporting evidence and for internal inconsistency in the assessment order.
ITAT held that the search assessment regime under section 153C is triggered by initiation of search in the case of the searched person, not by the later notice to the other person; because the search and handover of seized material occurred before 01/04/2021, the pre-amended law applied and the notice was valid. On merits, the addition based solely on seized pen drive data and Excel printouts failed because the electronic record was inadmissible for lack of valid section 65B compliance and no independent corroboration existed. The separate addition based on an unsigned third-party voucher was also deleted for want of supporting evidence and for internal inconsistency in the assessment order.
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