Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
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...
Addition u/s 68 for director's loan ledger account was made by assessing officer (AO) considering transactions not matching previous year's financial statements. Assessee stated transactions pertained to prior assessment years. Tribunal held previous year's transactions cannot be considered income in current assessment year. Transactions related to FY 2012-13 and 2013-14, for which AO passed order u/s 143(3) on 29.01.2016 accepting closing balance of director's ledger account. AO cannot consider opening balance in current assessment year for making addition, relying on Sridev Enterprises judgment. Tribunal upheld CIT(Appeals) order deleting the addition, decided in favor of assessee.
Addition u/s 68 for director's loan ledger account was made by assessing officer (AO) considering transactions not matching previous year's financial statements. Assessee stated transactions pertained to prior assessment years. Tribunal held previous year's transactions cannot be considered income in current assessment year. Transactions related to FY 2012-13 and 2013-14, for which AO passed order u/s 143(3) on 29.01.2016 accepting closing balance of director's ledger account. AO cannot consider opening balance in current assessment year for making addition, relying on Sridev Enterprises judgment. Tribunal upheld CIT(Appeals) order deleting the addition, decided in favor of assessee.
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