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Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
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Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
The ITAT upheld the CIT(A)'s order regarding three additions made by the Assessing Officer. Firstly, the receipt treated as consultancy income was rightly held to be a booking advance by the CIT(A) as no evidence of consultancy services was found and no TDS was deducted. Secondly, the addition for overstatement of purchases was correctly deleted by the CIT(A) after considering the assessee's explanation and finding no disparity between book data and sundry creditor details. Thirdly, the CIT(A)'s deletion of addition for unexplained expenditure was upheld as the chart for loan repayments through banking channels was based on bank statements filed during assessment, and the Revenue failed to controvert these factual findings.
The ITAT upheld the CIT(A)'s order regarding three additions made by the Assessing Officer. Firstly, the receipt treated as consultancy income was rightly held to be a booking advance by the CIT(A) as no evidence of consultancy services was found and no TDS was deducted. Secondly, the addition for overstatement of purchases was correctly deleted by the CIT(A) after considering the assessee's explanation and finding no disparity between book data and sundry creditor details. Thirdly, the CIT(A)'s deletion of addition for unexplained expenditure was upheld as the chart for loan repayments through banking channels was based on bank statements filed during assessment, and the Revenue failed to controvert these factual findings.
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