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...
The Appellate Tribunal held that the addition of Rs. 51.20 lacs as unexplained investment u/ss 69 or 56(2)(x)/6(2)(vii) was unjustified as there was no evidence of actual payment to vendors. Section 69 requires actual investment, not just stamp value. The lower authorities erred in making the addition, which is not taxable for a partnership firm u/s 56(2)(x) for the relevant assessment year. The decision favored the assessee, and the appeal was allowed.
The Appellate Tribunal held that the addition of Rs. 51.20 lacs as unexplained investment u/ss 69 or 56(2)(x)/6(2)(vii) was unjustified as there was no evidence of actual payment to vendors. Section 69 requires actual investment, not just stamp value. The lower authorities erred in making the addition, which is not taxable for a partnership firm u/s 56(2)(x) for the relevant assessment year. The decision favored the assessee, and the appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4788
Join Channel
TaxTMI 
