Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Primary documentation establishing investor identity, creditworthiness and transaction genuineness is described as sufficient to discharge the initial burden for preference share capital credited under section 68. The notes state that additions cannot rest on suspicion where the Revenue produces no material showing that the assessee's own funds were routed back through investor entities. They further state that directors' adverse statements cannot sustain an addition when effective cross-examination is unavailable and documentary evidence remains undisplaced. On these stated facts, the preference share capital addition was deleted.
Primary documentation establishing investor identity, creditworthiness and transaction genuineness is described as sufficient to discharge the initial burden for preference share capital credited under section 68. The notes state that additions cannot rest on suspicion where the Revenue produces no material showing that the assessee's own funds were routed back through investor entities. They further state that directors' adverse statements cannot sustain an addition when effective cross-examination is unavailable and documentary evidence remains undisplaced. On these stated facts, the preference share capital addition was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
