Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
ITAT deleted an addition under section 68 where cash deposits were made in a bank account standing in the name of a separately assessed trust, holding that the account did not belong to the assessee but to Deepak Gupta Education Trust. The assessee's role as authorised signatory, together with the affidavit and trust records, showed only representative operation of the account. In the absence of corroborative material establishing beneficial ownership or that the deposits were the assessee's undisclosed income, PAN linkage and signatory status alone were insufficient to sustain the addition in his hands. The Revenue's appeal was dismissed, while the Tribunal made no finding on any possible addition in the hands of the trust.
ITAT deleted an addition under section 68 where cash deposits were made in a bank account standing in the name of a separately assessed trust, holding that the account did not belong to the assessee but to Deepak Gupta Education Trust. The assessee's role as authorised signatory, together with the affidavit and trust records, showed only representative operation of the account. In the absence of corroborative material establishing beneficial ownership or that the deposits were the assessee's undisclosed income, PAN linkage and signatory status alone were insufficient to sustain the addition in his hands. The Revenue's appeal was dismissed, while the Tribunal made no finding on any possible addition in the hands of the trust.
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