Belated Form 10B filing during Covid-19 cannot defeat charitable exemption where genuine hardship warrants condonation and substantial justice prevail...
Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
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ITAT deleted the addition in the firm's hands for partners' capital contribution under section 68, holding that once the firm furnished the source of capital and the partners confirmed the contribution, its onus stood discharged; any further inquiry into creditworthiness had to be made against the partners, not the firm. On unsecured loans from two creditors, the Tribunal found the assessee's version of banking-channel receipts and later repayment with interest required verification of bank entries and repayment evidence. That issue was remanded to the Assessing Officer for fresh adjudication, with no addition indicated if repayment was established. The appeal was thus allowed for statistical purposes.
ITAT deleted the addition in the firm's hands for partners' capital contribution under section 68, holding that once the firm furnished the source of capital and the partners confirmed the contribution, its onus stood discharged; any further inquiry into creditworthiness had to be made against the partners, not the firm. On unsecured loans from two creditors, the Tribunal found the assessee's version of banking-channel receipts and later repayment with interest required verification of bank entries and repayment evidence. That issue was remanded to the Assessing Officer for fresh adjudication, with no addition indicated if repayment was established. The appeal was thus allowed for statistical purposes.
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