Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
Under section 68, an assessee initially establishes unsecured loan credits by proving creditor identity, transaction genuineness and prima facie creditworthiness. Confirmations, tax particulars, bank statements and ledger accounts showing banking-channel transactions shift the burden to the Revenue. Low lender income, cash deposits before cheques or incomplete records may warrant further inquiry but do not alone displace that evidence; continuing accounts and banking-channel repayments support genuineness. The unsecured-loan addition was therefore deleted. Employees' PF/ESI contributions are deductible only when deposited within the due date under the relevant welfare legislation; payment before the income-tax return filing due date does not cure the delay. The related disallowance was sustained.
Under section 68, an assessee initially establishes unsecured loan credits by proving creditor identity, transaction genuineness and prima facie creditworthiness. Confirmations, tax particulars, bank statements and ledger accounts showing banking-channel transactions shift the burden to the Revenue. Low lender income, cash deposits before cheques or incomplete records may warrant further inquiry but do not alone displace that evidence; continuing accounts and banking-channel repayments support genuineness. The unsecured-loan addition was therefore deleted. Employees' PF/ESI contributions are deductible only when deposited within the due date under the relevant welfare legislation; payment before the income-tax return filing due date does not cure the delay. The related disallowance was sustained.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
