#section 132
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1,566 articlesIncome Tax
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Addition of unexplained investment u/s 69B unsustainable as source for excess stock plausibly explained
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Interest from loan against mortgage of properties cannot be treated as rental income
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Addition u/s. 68 merely based on SMS or WhatsApp messages without corroborative evidence unsustained
Income Tax
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Proceedings u/s 153C invocable only when AO proves that material seized from third party belongs to assessee
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No Section 68 additions solely based on MOU found during search In Premises of Third Party
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Section 292BB doesn’t cure complete absence of notice it cures only manner of service of notice
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Penalty u/s. 271(1)(b) not leviable as non-compliance was due to bonafide reasons
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Addition merely based on statement without confronting incriminating material has no evidentiary value
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Prosecution in absence of willful admits to evade any tax, penalty or interest is unsustainable
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Amendment to section 153C also applies to Section 132 searches conducted before 01.06.2015: SC
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HC quashes Search Assessment based on unauthorized search
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One appeal cannot be filed against two reassessment orders for same assessment year-
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Income from sale of developed flat under Joint Development Agreement taxable as capital gain
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