Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4798
Join Channel
TaxTMI 
