https://www.taxtmi.com/caselaws?id=784422 Reassessment under s.147 was held unsustainable because the amount treated as an advance was, on facts, merely reimbursement of sums earlier paid by the assessee on behalf of a third party for a plot bargain; consequently, the foundational condition of receipt of "advance" for transfer of a capital asset under s.56(2)(ix) was not satisfied, and the addition was deleted. Disallowance under s.57 was set aside as bank transaction charges were incurred in relation to disclosed interest income from savings/FDR/RD and were supported by details produced before the AO; the claim was allowed. On computation of capital gains, the AO's restriction of cost of acquisition without reasons or item-wise basis was held arbitrary; the full cost was accepted, resulting in allowance of the declared capital loss. Appeal allowed. en-us Mon, 13 Oct 2025 00:00:00 +0530 Mon, 05 Jan 2026 08:04:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784422 Reassessment under s.147 was held unsustainable because the amount treated as an advance was, on facts, merely reimbursement of sums earlier paid by the assessee on behalf of a third party for a plot bargain; consequently, the foundational condition of receipt of "advance" for transfer of a capital asset under s.56(2)(ix) was not satisfied, and the addition was deleted. Disallowance under s.57 was set aside as bank transaction charges were incurred in relation to disclosed interest income from savings/FDR/RD and were supported by details produced before the AO; the claim was allowed. On computation of capital gains, the AO's restriction of cost of acquisition without reasons or item-wise basis was held arbitrary; the full cost was accepted, resulting in allowance of the declared capital loss. Appeal allowed. Case-Laws Income Tax Mon, 13 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784422