Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
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The ITAT Delhi addressed an addition u/s 41(1) converted from u/s 68, focusing on whether there was actual receipt of money or just journal entries for account adjustments. The AR argued that the entries were for loan adjustments from a prior year. The tribunal found the CIT(A)'s conclusion erroneous as there was no actual receipt of money, only journal entries reflecting borrowed funds and liabilities transferred to M/s Vrinda Developers Pvt. Ltd. The tribunal held that the journal entry did not constitute unexplained cash credit u/s 68, as it was a book entry transfer without a real cash credit. Citing a similar case, the tribunal emphasized the need for actual flow of funds to trigger the explanation requirement. Additionally, the tribunal allowed the expenditure related to a project started in the relevant year, despite the invoice being raised in the previous year. The decision favored the assessee based on project-related expenditure evidence.
The ITAT Delhi addressed an addition u/s 41(1) converted from u/s 68, focusing on whether there was actual receipt of money or just journal entries for account adjustments. The AR argued that the entries were for loan adjustments from a prior year. The tribunal found the CIT(A)'s conclusion erroneous as there was no actual receipt of money, only journal entries reflecting borrowed funds and liabilities transferred to M/s Vrinda Developers Pvt. Ltd. The tribunal held that the journal entry did not constitute unexplained cash credit u/s 68, as it was a book entry transfer without a real cash credit. Citing a similar case, the tribunal emphasized the need for actual flow of funds to trigger the explanation requirement. Additionally, the tribunal allowed the expenditure related to a project started in the relevant year, despite the invoice being raised in the previous year. The decision favored the assessee based on project-related expenditure evidence.
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