Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
When the Revenue alleged receipt of accommodation entries through bogus billing, the onus remained on it to prove the impugned transaction with reliable evidence, and the addition could not rest on unverified investigation material. The assessee explained that there was no purchase or sale with the concern during the year and that the receipts were towards earlier outstanding dues, supported by its ledger account; the Revenue did not disprove that explanation or establish the alleged entry in the assessee's case. Reliance on an undisclosed statement, without supplying it to the assessee or granting cross-examination, also breached natural justice. The ITAT therefore deleted the entire addition.
When the Revenue alleged receipt of accommodation entries through bogus billing, the onus remained on it to prove the impugned transaction with reliable evidence, and the addition could not rest on unverified investigation material. The assessee explained that there was no purchase or sale with the concern during the year and that the receipts were towards earlier outstanding dues, supported by its ledger account; the Revenue did not disprove that explanation or establish the alleged entry in the assessee's case. Reliance on an undisclosed statement, without supplying it to the assessee or granting cross-examination, also breached natural justice. The ITAT therefore deleted the entire addition.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
