Sec 50C(2) Mandates reference to DVO for ascertaining fair market value of property
ITAT - Despite documentary evidence and broker’s confirmation, genuineness of penny stock transactions has to be determined on the basis of ‘preponderance of human probabilities’. If assessee is unable to explain ‘intriguing’ facts and circumstances, genuineness of transaction cannot be accepted
ITAT - Only credits received during the year can be assessed as unexplained cash credits. Credits of earlier years, even if unexplained, cannot be assessed
ITAT - For penalty proceedings initiated on issues unrelated to assessment of income (such as for s. 269SS/ 269T & TDS defaults), time limit runs from date of initiation of penalty proceedings and not from date of CIT(A)'s order
ITAT - In a cross-objection, a new legal issue can be raised for the first time before the ITAT
ITAT - S. 2(22)(e) is a deeming provision and has to be strictly construed. Assessee can discharge onus by pointing to 'preponderance of probability' and If explanation is not found to be false then, even if amounts are assessed as 'deemed dividend', penalty cannot be levied
ITAT - Amounts credited to Thyrocare Service Provider (collection centers for patient samples) by assessee (an accredited laboratory) is covered by provisions of Sec 194H.
ITAT - Legal consequence of applicability of proviso to Sec 2(15) on registration of an entity as charitable institution - Seeks Larger-bench reference
HC - Order of Tribunal granting set-off of business loss of AY 2002-03 against the profits of erstwhile 10A unit for AY 2005-06 is confirmed as losses/depreciation set-off arising from AY 2001-02 and subsequent years is allowed.
HC - Non-compete relatable to consideration for sale of division is taxable as business income u/s 28(va)