Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
Customs Cargo Service Provider appointment extends custodianship to additional terminal land, subject to cargo-control, security and licence condition...
The ITAT Jodhpur dealt with a case involving addition u/s 68 of the Income Tax Act concerning alleged bogus share application money. The Investigation Wing provided specific information, but the CIT(A) deleted the addition after finding the investor companies' identity, creditworthiness, and genuineness were proven by the assessee. The tribunal upheld the CIT(A)'s decision, stating the AO lacked a basis for the addition. The commission expenses for the alleged bogus share application money were deemed unnecessary due to the genuine nature of the funds. The reassessment proceedings' validity was not directly addressed by the CIT(A) but was considered decided against the assessee based on a legal precedent. The tribunal allowed the assessee to argue the reassessment issue despite not appealing the CIT(A)'s decision, in line with ITAT Rules.
The ITAT Jodhpur dealt with a case involving addition u/s 68 of the Income Tax Act concerning alleged bogus share application money. The Investigation Wing provided specific information, but the CIT(A) deleted the addition after finding the investor companies' identity, creditworthiness, and genuineness were proven by the assessee. The tribunal upheld the CIT(A)'s decision, stating the AO lacked a basis for the addition. The commission expenses for the alleged bogus share application money were deemed unnecessary due to the genuine nature of the funds. The reassessment proceedings' validity was not directly addressed by the CIT(A) but was considered decided against the assessee based on a legal precedent. The tribunal allowed the assessee to argue the reassessment issue despite not appealing the CIT(A)'s decision, in line with ITAT Rules.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
