Admission of crucial additional evidence - Capital gains exemption for amalgamated residential flats Admission of crucial additional evidence - Appellate inquiry and remand report - Admission of the supplementary agreement and related evidence in support of the claimed capital gains exemptions - HELD THAT: - The Commissioner (Appeals) obtained a remand report from the Assessing Officer before considering the evidence. The evidence was held to be crucial for examining the assessee's claim ... ... ...

Transfer pricing comparability analysis - Working capital adjustment - Segmental aggregation under TNMM - Assured-margin model Comparability of subscription and training-service segment companies - Functional dissimilarity of product and education companies - Selection of comparables for benchmarking royalty and service-fee payments in the subscription segment and training and consultancy services in the services segment - HELD THAT: - Where the assessee's functional profile remained unch... ... ...

Appellate jurisdiction confined to assessment year under appeal - Validity of reassessment founded on appellate direction for another assessment year Validity of reassessment for unexplained investment in construction of an unfinished hotel building, initiated solely on the direction issued in an appellate order concerning another assessment year - HELD THAT: - The appellate jurisdiction is confined to the subject matter and the assessment year before the appellate authority. The appellate au... ... ...

Depreciation as application of income by charitable institutions - Prohibition of double deduction under section 11(6) Allowance of depreciation as application of income where the cost of the fixed assets had not been claimed as application of income - HELD THAT: - Section 11(6) disallows depreciation in computing income for charitable purposes only in respect of an asset whose acquisition cost has been claimed as application of income in the same or an earlier year. The material showed that ... ... ...

Denial of exemption claimed for agricultural income as unexplained money - Admission of additional evidence in support of agricultural income - Reasonable opportunity in assessment proceedings HELD THAT: - The claim of agricultural income could be established only through documentary evidence. The assessee had furnished partial details and sought permission to provide hard copies of sale invoices which could not be uploaded because of size constraints; nevertheless, the assessment was complet... ... ...

Concessional taxation for domestic companies u/s 115BAA - Continuing validity of option exercised in Form 10-IC Entitlement to the concessional tax regime under section 115BAA for a subsequent assessment year where Form 10-IC had been filed and the option exercised in an earlier year - HELD THAT: - The option under section 115BAA(5), once exercised through Form 10-IC, applies to subsequent assessment years and cannot be withdrawn. Since the assessee had filed Form 10-IC and exercised that opt... ... ...

Unaccounted sale consideration from residential flats - Third-party loose-sheet evidence of cash payment - Statutory presumptions regarding seized documents - Unexplained investment and unexplained money Unaccounted sale consideration from residential flats - Estimated income based on price differentials - Retracted search statements - Electronic communications as corroborative evidence - Addition for alleged unaccounted cash receipts from sale of residential flats based on internal price rec... ... ...

Rectification of mistake apparent from record - Review of concluded assessment through rectification - Tax treaty rate on income-tax refund interest Validity of rectification altering the India-Mauritius DTAA rate applied to interest on income-tax refund in the final assessment order to the domestic-law rate - HELD THAT: - Rectification is confined to a patent and self-evident mistake discernible from the existing record; it cannot entail reconsideration of competing legal propositions or sub... ... ...

Exemption of interest on Non-Resident (External) deposits u/s 10(4)(ii) - Reserve Bank permission to maintain NRE account Exemption of interest on NRE deposits where the account-holder had become resident but claimed to be permitted under the applicable RBI/FEMA framework to maintain the deposits - HELD THAT: - Section 10(4)(ii) contemplates alternative conditions: the individual may be a person resident outside India under FEMA, or may be a person permitted by the Reserve Bank of India to ma... ... ...

Ex parte appellate order - Opportunity of hearing in reassessment proceedings denied - Reassessment involving disallowances for alleged non-deduction of tax, unpaid statutory dues, alleged bogus purchases and deduction claimed was decided without proper compliance before either the Assessing Officer or the appellate authority HELD THAT: - As proper compliance had not been made before the AO or the appellate authority, the Tribunal considered that fairness and the interests of justice required... ... ...

Royalty taxable in India - Outright acquisition of trademark ownership - Tax deduction at source on foreign remittances u/s 195 TDS liability on remittance for acquisition of ownership rights in the trademark "Jamawar" from a non-resident - HELD THAT: - The material on record established that the assessee had furnished the trademark assignment agreement, evidence of ownership, particulars of the rights transferred, valuation and commercial terms, as well as the recipient's tax residency c... ... ...

Taxability of delayed conveyance u/s 56(2)(x) - difference between the stamp duty value and the settlement consideration - Antecedent beneficial ownership and perfection of legal title Whether, on the peculiar facts, the deed dated 25.11.2019 represents receipt by the Society of immovable property for inadequate consideration in the relevant previous year? - HELD THAT: - The conveyance was not an independent acquisition of a new property in the relevant previous year, but belated fulfilment o... ... ...

Determination of professional income from gross receipts - Presumptive taxation as a reasonable basis of assessment - Assessment of a doctor's professional income by treating the entire gross professional receipts as net income solely because no return was filed HELD THAT: - The Tribunal did not decide whether the assessee could formally claim presumptive taxation under section 44ADA without filing a return. It held that non-filing of a return could not, by itself, justify treating the wh... ... ...

Unexplained cash credit - Cash deposits during demonetisation from disclosed cash sales Addition as unexplained cash credit in respect of cash deposited during demonetisation by a cloth trader, where the deposits were claimed to represent cash-sale proceeds - HELD THAT: - The purchases, stock-in-trade and sales were not doubted. Having regard to the nature of cloth trading, the undoubted purchases reasonably supported corresponding sales, and the profit embedded in such cash sales had already... ... ...

Interest received on loans advanced to companies - business income OR Income from other sources - Scope of compensation for termination or modification of management or agency contracts - Deduction of interest expenditure incurred for earning income from other sources Interest on loans advanced from borrowed funds - Scope of compensation for termination or modification of management or agency contracts - HELD THAT: - Though the pattern of borrowing from financial institutions and advancing fu... ... ...

Unexplained investment in stamp duty payment - source of payment of stamp duty - Proof of creditor's identity, creditworthiness and genuineness Addition for the source of stamp duty paid on acquisition of immovable property, where the assessee claimed family funds received from her father-in-law - HELD THAT: - The assessee had consistently explained that the stamp duty amount was received from her father-in-law and had furnished his income-tax return. Since that return established the len... ... ...

Period of holding of previous owner - Long-term capital gains on property devolving through family trust - Indexed cost of acquisition - Characterisation of gains on sale of immovable properties devolving upon a beneficiary on dissolution of a private family trust, and the corresponding entitlement to indexation HELD THAT: - The Hon'ble Bombay High Court in CIT v. Manjula J. Shah [2011 (10) TMI 406 - BOMBAY HIGH COURT] has held that where the period of holding of the previous owner is req... ... ...

Depreciation on goodwill arising on amalgamation - Depreciation on brands and trade names transferred on demerger - Arm's length pricing of inter-unit electricity and steam transfers Depreciation on goodwill arising on amalgamation - HELD THAT: - The first appellate authority had followed earlier Tribunal decisions in the assessee's own case on the identical issue [2025 (6) TMI 2060 - ITAT AHMEDABAD] allowing depreciation on goodwill. The Tribunal found no reason to depart from that c... ... ...

Unexplained cash credits claimed as advances against sales - Prospective application of enhanced tax rate on unexplained income Unexplained cash credits claimed as advances against sales - Addition for cash credits shown as advances from customers against subsequent sales - HELD THAT: - The assessee furnished only self-maintained ledger accounts, without postal addresses, PANs or other identification particulars of the alleged customers, or independent material establishing their identity, cr... ... ...

Reassessment beyond four years - jurisdictional foundation - Statutory sanction - meaningful application of mind Reassessment beyond four years - competence of sanctioning authority - Validity of sanction for reassessment notice issued beyond four years where approval was granted by the Principal Commissioner rather than the Principal Chief Commissioner - HELD THAT: - Under the then applicable section 151(1), the Principal Chief Commissioner, Chief Commissioner, Principal Commissioner and Com... ... ...