Invoice-based recovery claims remain time-barred despite separate winding-up proceedings, absent valid acknowledgment or part-payment of the disputed ...
Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
In an unexplained cash credit dispute involving an alleged accommodation loan, the ITAT held that the assessee discharged the primary onus by producing confirmation, bank statements, income-tax records, balance sheet, loan agreement and the lender's NBFC certificate. As the transaction was routed through banking channels and repaid, and the AO neither rebutted the documents nor made an effective enquiry, the additions could not rest on suspicion or third-party information alone. The Tribunal also held that alleged non-payment of interest in a later year was irrelevant to the year under appeal. The additions under sections 68 and 69C were deleted.
In an unexplained cash credit dispute involving an alleged accommodation loan, the ITAT held that the assessee discharged the primary onus by producing confirmation, bank statements, income-tax records, balance sheet, loan agreement and the lender's NBFC certificate. As the transaction was routed through banking channels and repaid, and the AO neither rebutted the documents nor made an effective enquiry, the additions could not rest on suspicion or third-party information alone. The Tribunal also held that alleged non-payment of interest in a later year was irrelevant to the year under appeal. The additions under sections 68 and 69C were deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
