Blocked input tax credit for resort construction remains unavailable; interest follows actual utilisation, while delayed payment attracts statutory pe...
Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
Section 69 applies only to investments not recorded in the assessee's books of account. Immovable properties recorded in the firm's regular books, together with corresponding identifiable partners' capital contributions, cannot be treated as unexplained investments where the books have not been found defective or rejected. Concerns about an individual partner's financial capacity must be examined in that partner's assessment and do not, by themselves, make the firm's recorded investment unexplained. Principles applicable to unexplained cash credits do not govern recorded investments under section 69. The addition for unexplained investment was therefore deleted, while the reassessment challenge was left academic.
Section 69 applies only to investments not recorded in the assessee's books of account. Immovable properties recorded in the firm's regular books, together with corresponding identifiable partners' capital contributions, cannot be treated as unexplained investments where the books have not been found defective or rejected. Concerns about an individual partner's financial capacity must be examined in that partner's assessment and do not, by themselves, make the firm's recorded investment unexplained. Principles applicable to unexplained cash credits do not govern recorded investments under section 69. The addition for unexplained investment was therefore deleted, while the reassessment challenge was left academic.
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TaxTMI 
TaxTMI 
of 4918 
