Customs Broker association membership becomes mandatory in the operating jurisdiction, with exclusive membership and limited compliance-time relaxatio...
Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
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The ITAT Mumbai held that addition as unexplained income based on accommodation entries lacked proof of transaction nature, creditworthiness, and genuineness. AO's premise that all entries were accommodation entries without examining their legitimacy was unfounded. Lack of evidence showing purchases or sales as bogus, or loans as unexplained, led to deletion of the addition. The Tribunal ruled in favor of the assessee, highlighting the importance of substantiating transactions to avoid unexplained income allegations.
The ITAT Mumbai held that addition as unexplained income based on accommodation entries lacked proof of transaction nature, creditworthiness, and genuineness. AO's premise that all entries were accommodation entries without examining their legitimacy was unfounded. Lack of evidence showing purchases or sales as bogus, or loans as unexplained, led to deletion of the addition. The Tribunal ruled in favor of the assessee, highlighting the importance of substantiating transactions to avoid unexplained income allegations.
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