Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
The ITAT Mumbai, in a case involving addition u/s 68 for unexplained cash credit from loans taken from various parties, held that only loans taken during the current assessment year are relevant for consideration. Continuing loans from earlier years are not relevant for the current assessment year if additions were already made in those years. The genuineness of transactions u/s 68 needs to be proven only for credits recorded in the current assessment year. Repayment of loans taken during the current year demonstrates genuineness. The assessee provided relevant documents to prove transactions, and the AO's reliance on survey reports to analyze creditworthiness was deemed insufficient. The ITAT concluded that loans were taken and repaid through banking channels, and directed the AO to delete the proposed additions. The assessee's ground was allowed.
The ITAT Mumbai, in a case involving addition u/s 68 for unexplained cash credit from loans taken from various parties, held that only loans taken during the current assessment year are relevant for consideration. Continuing loans from earlier years are not relevant for the current assessment year if additions were already made in those years. The genuineness of transactions u/s 68 needs to be proven only for credits recorded in the current assessment year. Repayment of loans taken during the current year demonstrates genuineness. The assessee provided relevant documents to prove transactions, and the AO's reliance on survey reports to analyze creditworthiness was deemed insufficient. The ITAT concluded that loans were taken and repaid through banking channels, and directed the AO to delete the proposed additions. The assessee's ground was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
