Blocked input tax credit for resort construction remains unavailable; interest follows actual utilisation, while delayed payment attracts statutory pe...
Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
The assessee received an unsecured loan of Rs. 1 crore from M/s Betala Investment Finance Ltd., which was later transferred to Lahoti Holding Ltd. due to a name change. The authorities accepted the explanation regarding the source of the loan. Regarding stock valuation, the assessee followed a consistent method, and the authorities upheld the assessee's valuation. The authorities also accepted the assessee's explanation for the difference in raw material consumption, considering it a clerical mistake. The addition u/s 41(1) for cessation of liability was deleted as the revenue could not establish remission of income. The disallowance of interest paid above 12% on unsecured loans was rejected, following the principle of consistency as the same rates were allowed in earlier years. The addition based on the stock statement submitted to the bank for obtaining credit limits was deleted, relying on judicial precedents that such statements cannot be the basis for additions u/s 69B.
The assessee received an unsecured loan of Rs. 1 crore from M/s Betala Investment Finance Ltd., which was later transferred to Lahoti Holding Ltd. due to a name change. The authorities accepted the explanation regarding the source of the loan. Regarding stock valuation, the assessee followed a consistent method, and the authorities upheld the assessee's valuation. The authorities also accepted the assessee's explanation for the difference in raw material consumption, considering it a clerical mistake. The addition u/s 41(1) for cessation of liability was deleted as the revenue could not establish remission of income. The disallowance of interest paid above 12% on unsecured loans was rejected, following the principle of consistency as the same rates were allowed in earlier years. The addition based on the stock statement submitted to the bank for obtaining credit limits was deleted, relying on judicial precedents that such statements cannot be the basis for additions u/s 69B.
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TaxTMI 
TaxTMI 
