Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
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Addition u/s 68 of the Income Tax Act. The assessee, who did not maintain books of accounts, received interest-free loans from Shri Anil Kumar Singh through normal banking transactions. The ITAT held that since the assessee did not maintain books of accounts, section 68 was not applicable. The assessee successfully proved the identity, creditworthiness of the lender, and the genuineness of the transaction by providing documents such as balance sheets and tax audit reports of the lender. The lender's tax audit balance sheets confirmed the loan amount, and the source of the source for the unsecured loan was not required to be proved. The lender's cash deposits were from available cash balances, and there were no adverse comments by the Tax Auditor. The loan to the assessee was reflected in the lender's audited balance sheet, establishing the genuineness of the transaction and the creditworthiness of the lender.
Addition u/s 68 of the Income Tax Act. The assessee, who did not maintain books of accounts, received interest-free loans from Shri Anil Kumar Singh through normal banking transactions. The ITAT held that since the assessee did not maintain books of accounts, section 68 was not applicable. The assessee successfully proved the identity, creditworthiness of the lender, and the genuineness of the transaction by providing documents such as balance sheets and tax audit reports of the lender. The lender's tax audit balance sheets confirmed the loan amount, and the source of the source for the unsecured loan was not required to be proved. The lender's cash deposits were from available cash balances, and there were no adverse comments by the Tax Auditor. The loan to the assessee was reflected in the lender's audited balance sheet, establishing the genuineness of the transaction and the creditworthiness of the lender.
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