Educational approval requires mandatory State registration, but incidental surplus and trustee-owned land do not prove private benefit or profit motiv...
Judicial review of settlement orders cannot reopen settled customs notices, while statutory interest remains subject to verification and quantificatio...
Customs Broker licence lending for consideration justified revocation where exporter authorisation and client verification obligations were also breac...
Fraudulent import documents suspend limitation protection, while redemption of confiscated goods requires duty and interest despite bona fide purchase...
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The ITAT held that an alleged unexplained investment in shares must be assessed in the correct year of taxability. On the basis of the contract-cum-bill, the broker's ledger and IDS disclosure material, it found that the shares were purchased on 02.07.2010, so the investment fell in AY 2011-12 and not AY 2012-13. The addition made in AY 2012-13 was therefore deleted and the appellate order set aside. The Tribunal left it open to the Assessing Officer to examine the source of the investment in the year of purchase in accordance with law.
The ITAT held that an alleged unexplained investment in shares must be assessed in the correct year of taxability. On the basis of the contract-cum-bill, the broker's ledger and IDS disclosure material, it found that the shares were purchased on 02.07.2010, so the investment fell in AY 2011-12 and not AY 2012-13. The addition made in AY 2012-13 was therefore deleted and the appellate order set aside. The Tribunal left it open to the Assessing Officer to examine the source of the investment in the year of purchase in accordance with law.
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