Interactive flat panels meeting automatic data processing conditions are distinguished from monitors, while later classification clarifications apply ...
Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
ITAT held that enhanced tax under Section 115BBE did not apply, following S.M.I.L.E. Microfinance Ltd., and the Revenue's challenge on that point failed. It also deleted the Section 68 addition because the impugned credit was supported by additional evidence showing a journal entry transferring a retiring partner's existing capital balance to an unsecured loan account, with no cash movement. The Tribunal found that the appellate authority had ignored the partner's capital account and ledger material, and that a mere book transfer of capital into unsecured loan did not constitute an unexplained cash credit. The assessee's appeal was allowed.
ITAT held that enhanced tax under Section 115BBE did not apply, following S.M.I.L.E. Microfinance Ltd., and the Revenue's challenge on that point failed. It also deleted the Section 68 addition because the impugned credit was supported by additional evidence showing a journal entry transferring a retiring partner's existing capital balance to an unsecured loan account, with no cash movement. The Tribunal found that the appellate authority had ignored the partner's capital account and ledger material, and that a mere book transfer of capital into unsecured loan did not constitute an unexplained cash credit. The assessee's appeal was allowed.
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