Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
Advance-ruling mechanism governs pending GST classification, exemption and taxability disputes, limiting writ review once the specialised forum functi...
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The Appellate Tribunal upheld the addition u/s 68 as the assessee failed to establish the identity, creditworthiness, and genuineness of transactions with Shri Singla due to lack of documentary evidence like ITR, Bank Statement, and confirmation. The First Appellate Authority's decision to confirm the addition was deemed appropriate given the absence of support from the assessee. Regarding the addition u/s 56(2)(vii)(c) for the variance between fair market value and actual consideration paid for shares, the Tribunal upheld the AO's decision based on the fair market value calculation in accordance with relevant sections of the Income Tax Act. The First Appellate Authority's confirmation of this addition was also upheld as justified and not warranting interference.
The Appellate Tribunal upheld the addition u/s 68 as the assessee failed to establish the identity, creditworthiness, and genuineness of transactions with Shri Singla due to lack of documentary evidence like ITR, Bank Statement, and confirmation. The First Appellate Authority's decision to confirm the addition was deemed appropriate given the absence of support from the assessee. Regarding the addition u/s 56(2)(vii)(c) for the variance between fair market value and actual consideration paid for shares, the Tribunal upheld the AO's decision based on the fair market value calculation in accordance with relevant sections of the Income Tax Act. The First Appellate Authority's confirmation of this addition was also upheld as justified and not warranting interference.
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