Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
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.
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