Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Assessee challenged addition on account of unproved sundry creditors u/s 41(1), contending evidence of liability cessation was provided. AO held assessee failed to prove identity, creditworthiness, and genuineness despite opportunities. However, assessee filed relevant details of sundry credits with opening balances and settlements in relevant year. Revenue's attempt to invoke section 68 lacked discussion on assessee's failure to discharge onus. ITAT concluded in these facts, whether u/s 41(1) or 68, AO could not make impugned addition on both counts. Addition rejected accordingly.
Assessee challenged addition on account of unproved sundry creditors u/s 41(1), contending evidence of liability cessation was provided. AO held assessee failed to prove identity, creditworthiness, and genuineness despite opportunities. However, assessee filed relevant details of sundry credits with opening balances and settlements in relevant year. Revenue's attempt to invoke section 68 lacked discussion on assessee's failure to discharge onus. ITAT concluded in these facts, whether u/s 41(1) or 68, AO could not make impugned addition on both counts. Addition rejected accordingly.
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