https://www.taxtmi.com/caselaws?id=257458 A family arrangement recorded in a Samjuti Karar was treated as valid and enforceable for determining the assessee's share in land sale proceeds, because the surrounding conduct, mutation entries and return disclosures supported its legal effect and the Revenue produced no material to show a colourable tax-avoidance device. The challenge to that arrangement failed. Disallowances of interest expenditure and other business expenses were set aside for fresh adjudication because additional evidence had been relied on without giving the Assessing Officer an opportunity to examine it, and the factual business nexus required proper verification. Those issues were restored for reconsideration. en-us Thu, 19 Feb 2015 00:00:00 +0530 Fri, 13 Mar 2015 11:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257458 A family arrangement recorded in a Samjuti Karar was treated as valid and enforceable for determining the assessee's share in land sale proceeds, because the surrounding conduct, mutation entries and return disclosures supported its legal effect and the Revenue produced no material to show a colourable tax-avoidance device. The challenge to that arrangement failed. Disallowances of interest expenditure and other business expenses were set aside for fresh adjudication because additional evidence had been relied on without giving the Assessing Officer an opportunity to examine it, and the factual business nexus required proper verification. Those issues were restored for reconsideration. Case-Laws Income Tax Thu, 19 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257458