Once purchases have been accepted as genuine and no adverse inference has been drawn, lower authorities are not justified in making addition of balance outstanding.
Deemed Dividend u/s 2(22)(e): To apply a deeming fiction, first set of facts is to be proved beyond doubt and deeming fiction cannot be applied on basis of assumption, presumption or suspicion about first set of facts.
Revenue cannot step into the shoes of a businessman and direct how the business should be conducted. It may not be practically possible for all businesses to maintain a complete list of the gifts given to their various customers and demonstrate that a particular sales order was received as a result of a particular gift: Delhi ITAT
Issue of Share at a premium: AO can scrutinize the valuation report and he can determine a fresh valuation either by himself or by calling a final determination from an independent valuer to confront the assessee.
10% difference in stamp duty valuation vis a vis actual sale consideration could have retrospective application?
No Disallowance of commission expenses where income tax department failed to establish that parties to thetransactions ale related to each other or that the payments are not genuine orthat the payments having been made by the assessee to the recipients have found their way back to the assessee some way or the other: Kolkata ITAT
No capital gains tax in hands of assessee if sale deeds became invalid due to dishonour of post-dated cheques
Surplus arising on prepayment of deferred sales tax loan at net present value (NPV) – Whether a capital receipt?
Long term capital gain exemption if the investment is done in the name of family members or relatives
