If one issue in the case of applicant is already decided by One AAR than Other AAR cannot decide on the same application
CIT(A) is not justified in enhancing the assessment by disallowing 100% of the bogus purchases, Only addition could be of profit element therein
Tax Precaution: Transaction by which an undertaking is transferred against allotment of shares is an”exchange” and not a “sale
If the company is controlled by an infamous accommodation entry provider, it is incumbent on the part of the authorities to carry out in-depth verification
Interesting case: HC sets aside National Anti Profiteering Authority (NAPA’s) order where all the members who had signed the order were not present for hearing
Landmark Judgment on validity of addition under section 68 on the ground that in response to summons under section 131 shareholder companies had not appeared for personal deposition.
Capital Gains & Computation of holding period, i.e., ‘date of allotment’ or “date of possession” – An Interesting Issue
No matter what, Purchases cannot be treated as Bogus if they are duly supported by bills and other evidences