Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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The addition made u/s 68 for bogus share application money receipts was solely based on the statement of an unrelated third party, Shri Pravin Kumar Jain, recorded during a search conducted at his premises. This statement was later retracted. The assessee submitted necessary evidence regarding the receipt of share application money, including share application forms, board resolutions, PAN cards, bank statements, income tax returns, master data, and confirmations and affidavits from the investor companies' directors. This evidence proved the identity, creditworthiness, and genuineness of the transactions. However, the Assessing Officer and CIT(A) made the addition without considering the evidence and the provisions of law applicable for the relevant year. The addition u/s 68 can only be made if the assessee does not offer an explanation or if the explanation is unsatisfactory to the Assessing Officer, which was not the case here. The ITAT relied on the Supreme Court's decision in CIT v. Lovely Exports Pvt. Ltd. and the Chhattisgarh High Court's decision in Venkateshwar Ispat (P) Ltd., allowing the assessee's appeal.
The addition made u/s 68 for bogus share application money receipts was solely based on the statement of an unrelated third party, Shri Pravin Kumar Jain, recorded during a search conducted at his premises. This statement was later retracted. The assessee submitted necessary evidence regarding the receipt of share application money, including share application forms, board resolutions, PAN cards, bank statements, income tax returns, master data, and confirmations and affidavits from the investor companies' directors. This evidence proved the identity, creditworthiness, and genuineness of the transactions. However, the Assessing Officer and CIT(A) made the addition without considering the evidence and the provisions of law applicable for the relevant year. The addition u/s 68 can only be made if the assessee does not offer an explanation or if the explanation is unsatisfactory to the Assessing Officer, which was not the case here. The ITAT relied on the Supreme Court's decision in CIT v. Lovely Exports Pvt. Ltd. and the Chhattisgarh High Court's decision in Venkateshwar Ispat (P) Ltd., allowing the assessee's appeal.
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