https://www.taxtmi.com/caselaws?id=459665 ITAT Gauhati set aside CIT(A)'s order and remitted the matter for de novo adjudication regarding unsubstantiated capital increase by assessee proprietor of vocational training institute. The tribunal found CIT(A) failed to conduct proper enquiry under section 250(4) despite claiming to exercise such powers. Issues included contradictory explanations for transfer entries between proprietary concern and personal accounts, questionable gift transactions with related parties including nephew and daughter, and disputed dividend claims from RSWM shares. CIT(A) merely accepted assessee's submissions without verification. Similar remand ordered for LTCG/STCG additions and commodity derivative losses, directing proper enquiries before disposal. en-us Thu, 31 Aug 2023 00:00:00 +0530 Sat, 21 Dec 2024 21:24:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459665 ITAT Gauhati set aside CIT(A)'s order and remitted the matter for de novo adjudication regarding unsubstantiated capital increase by assessee proprietor of vocational training institute. The tribunal found CIT(A) failed to conduct proper enquiry under section 250(4) despite claiming to exercise such powers. Issues included contradictory explanations for transfer entries between proprietary concern and personal accounts, questionable gift transactions with related parties including nephew and daughter, and disputed dividend claims from RSWM shares. CIT(A) merely accepted assessee's submissions without verification. Similar remand ordered for LTCG/STCG additions and commodity derivative losses, directing proper enquiries before disposal. Case-Laws Income Tax Thu, 31 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459665