Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
The ITAT found that the addition relating to alleged immovable property transactions was made without proper verification of the basic facts, particularly because the assessment record showed inconsistency in how the same properties were treated and the AO had shifted between possible taxability under section 56(2)(x) and section 50C. The Tribunal noted that no addition was ultimately made under section 56(2)(x), while the section 50C addition rested on an unverified factual foundation, and the assessee's cancellation claim was unsupported by the record. The matter was therefore restored to the jurisdictional AO for fresh examination and re-adjudication on evidence and enquiry.
The ITAT found that the addition relating to alleged immovable property transactions was made without proper verification of the basic facts, particularly because the assessment record showed inconsistency in how the same properties were treated and the AO had shifted between possible taxability under section 56(2)(x) and section 50C. The Tribunal noted that no addition was ultimately made under section 56(2)(x), while the section 50C addition rested on an unverified factual foundation, and the assessee's cancellation claim was unsupported by the record. The matter was therefore restored to the jurisdictional AO for fresh examination and re-adjudication on evidence and enquiry.
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