Separate speaking orders on reopening objections are mandatory; deciding them within reassessment invalidates jurisdiction and precludes revival of st...
Compulsorily convertible debentures remain debt before conversion, preventing transfer-pricing and interest-deduction disallowances on the stated fact...
Stock-in-trade transfer taxability follows possession and consideration, not later conveyance registration, limiting deemed-value provisions to the ac...
Penalty for deemed income based solely on stamp-duty valuation is not justified where the taxpayer disclosed the registered deed, bank statements and payment details, and there is no finding that actual consideration exceeded the stated amount or that disclosures were false. Although statutory substitution of stamp-duty value can support an assessment addition, it does not alone establish concealment or inaccurate particulars, and the conditions for penalty are not met where the explanation is not found false. Acceptance of the addition does not admit that the stated consideration was untrue. Conversely, a notice expressly alleging concealment provides a specific charge when the penalty rests on that same allegation.
Penalty for deemed income based solely on stamp-duty valuation is not justified where the taxpayer disclosed the registered deed, bank statements and payment details, and there is no finding that actual consideration exceeded the stated amount or that disclosures were false. Although statutory substitution of stamp-duty value can support an assessment addition, it does not alone establish concealment or inaccurate particulars, and the conditions for penalty are not met where the explanation is not found false. Acceptance of the addition does not admit that the stated consideration was untrue. Conversely, a notice expressly alleging concealment provides a specific charge when the penalty rests on that same allegation.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
