Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
The assessee successfully discharged the onus u/s 68 regarding share capital introduced by the company director, a major shareholder, proving identity, creditworthiness, and genuineness. The addition u/s 68 was rightly deleted by the CIT(A). The Tribunal admitted additional evidence u/r 46A, considering the assessee's office was in a COVID-19 containment zone. The CIT(A) correctly deleted the addition u/s 68 for a loan received, as the assessing officer accepted the transaction's genuineness based on overwhelming evidence provided by the assessee. The Tribunal upheld the CIT(A)'s order, finding no infirmity in deleting the additions where the assessee proved the identity, creditworthiness, and genuineness of the transactions.
The assessee successfully discharged the onus u/s 68 regarding share capital introduced by the company director, a major shareholder, proving identity, creditworthiness, and genuineness. The addition u/s 68 was rightly deleted by the CIT(A). The Tribunal admitted additional evidence u/r 46A, considering the assessee's office was in a COVID-19 containment zone. The CIT(A) correctly deleted the addition u/s 68 for a loan received, as the assessing officer accepted the transaction's genuineness based on overwhelming evidence provided by the assessee. The Tribunal upheld the CIT(A)'s order, finding no infirmity in deleting the additions where the assessee proved the identity, creditworthiness, and genuineness of the transactions.
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