Clubbing of income from gifted property failed where the claim surfaced after reassessment limitation, sustaining capital-gains assessment in spouse's...
Employee stock-option discount qualifies as revenue expenditure, while royalty and service comparables require reliable functional and transactional b...
Faceless assessment cannot add the gross sale consideration as capital gains without examining material supporting the cost of acquisition, transfer expenses and reinvestment benefits. Documents and explanations filed online must be considered where their filing is not specifically denied or disputed. An addition made without addressing that material, conducting enquiries or cross-verification, or producing contrary evidence is defective at the root of the assessment. The assessment, consequential demand and penalty actions were quashed, with fresh assessment directed after a personal hearing and a speaking order.
Faceless assessment cannot add the gross sale consideration as capital gains without examining material supporting the cost of acquisition, transfer expenses and reinvestment benefits. Documents and explanations filed online must be considered where their filing is not specifically denied or disputed. An addition made without addressing that material, conducting enquiries or cross-verification, or producing contrary evidence is defective at the root of the assessment. The assessment, consequential demand and penalty actions were quashed, with fresh assessment directed after a personal hearing and a speaking order.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4899 
