Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
Form No. 10 by itself did not justify treating the amount set apart for educational building work as undisclosed income, because neither the AO nor the appellate authority had material to show that the income was actually received and omitted from the books; the addition was deleted. The addition relating to opening capital work-in-progress also failed, as the assessee had claimed only capital assets added during the year as application of income and had not treated the opening balance as current-year application; that addition was deleted. The claim for set-off of excess application of earlier years was accepted for verification, and the Assessing Officer was directed to allow the benefit after proper verification.
Form No. 10 by itself did not justify treating the amount set apart for educational building work as undisclosed income, because neither the AO nor the appellate authority had material to show that the income was actually received and omitted from the books; the addition was deleted. The addition relating to opening capital work-in-progress also failed, as the assessee had claimed only capital assets added during the year as application of income and had not treated the opening balance as current-year application; that addition was deleted. The claim for set-off of excess application of earlier years was accepted for verification, and the Assessing Officer was directed to allow the benefit after proper verification.
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