Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
Distinction between Section 69 and Section 56(2) regarding unexplained investment and gift. Section 69 requires the Assessing Officer to establish that the assessee made investments not recorded in books, and the assessee's inability to explain the nature and source. In this case, the payment was made by another person, not the assessee, and the source was satisfactorily explained with evidence. Hence, Section 69 is inapplicable. Section 56(2) regarding taxability as gift was never discussed by authorities. Revenue cannot make a fresh case or improve the order. Documents confirming loan and repayment cannot be denied. Mere lack of repayment capacity does not make it a gift when parties confirm it as a loan secured by joint ownership. Addition u/s 69C for car purchase was rightly deleted as the source was admitted to be from another person's bank account, not the assessee's undisclosed expenditure. Revenue's appeal dismissed.
Distinction between Section 69 and Section 56(2) regarding unexplained investment and gift. Section 69 requires the Assessing Officer to establish that the assessee made investments not recorded in books, and the assessee's inability to explain the nature and source. In this case, the payment was made by another person, not the assessee, and the source was satisfactorily explained with evidence. Hence, Section 69 is inapplicable. Section 56(2) regarding taxability as gift was never discussed by authorities. Revenue cannot make a fresh case or improve the order. Documents confirming loan and repayment cannot be denied. Mere lack of repayment capacity does not make it a gift when parties confirm it as a loan secured by joint ownership. Addition u/s 69C for car purchase was rightly deleted as the source was admitted to be from another person's bank account, not the assessee's undisclosed expenditure. Revenue's appeal dismissed.
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