Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Addition u/s 68 - share application money received as unaccounted cash credit - identity and creditworthiness of the share subscribers and genuineness of the transaction - The case involved an appeal filed by the Revenue against the deletion of an addition made under section 68 of the Income Tax Act regarding share capital and premium received by the Assessee. The Revenue argued that the transaction was not adequately explained and deemed to be bogus. However, the Tribunal upheld the decision to delete the addition, as the Assessee provided sufficient evidence to prove the genuineness of the transaction and the credibility of the share applicants.
Addition u/s 68 - share application money received as unaccounted cash credit - identity and creditworthiness of the share subscribers and genuineness of the transaction - The case involved an appeal filed by the Revenue against the deletion of an addition made under section 68 of the Income Tax Act regarding share capital and premium received by the Assessee. The Revenue argued that the transaction was not adequately explained and deemed to be bogus. However, the Tribunal upheld the decision to delete the addition, as the Assessee provided sufficient evidence to prove the genuineness of the transaction and the credibility of the share applicants.
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