Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
Non-proving identity, creditworthiness, and genuineness of share premium received cannot be treated as unexplained income if sufficient documentary evidence is provided. Once a company proves existence and authenticity of shareholders, it discharges burden u/s 68. Share premium is a matter of business prerogative, and revenue cannot question its quantum without evidence of collusion or mala fide intent. If an assessee sufficiently establishes identity, creditworthiness, and genuineness of share capital transaction, addition u/s 68 as unexplained cash credit is unsustainable and should be deleted by the Assessing Officer.
Non-proving identity, creditworthiness, and genuineness of share premium received cannot be treated as unexplained income if sufficient documentary evidence is provided. Once a company proves existence and authenticity of shareholders, it discharges burden u/s 68. Share premium is a matter of business prerogative, and revenue cannot question its quantum without evidence of collusion or mala fide intent. If an assessee sufficiently establishes identity, creditworthiness, and genuineness of share capital transaction, addition u/s 68 as unexplained cash credit is unsustainable and should be deleted by the Assessing Officer.
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