Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
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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