Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
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The ITAT held that the addition u/s 68 treating the loan taken by the appellant as an accommodation entry was not justified. The key reasons were: 1) There was no evidence that the lender company admitted giving accommodation entries or that the funds were channelized from undisclosed income of the appellant. 2) Repayment of loans by the appellant disproved the allegation of being the final beneficiary. 3) Identity, creditworthiness, and genuineness of borrowings were proved through details and evidence submitted. 4) Denial of cross-examination of witnesses whose statements formed the basis of the addition violated principles of natural justice, making the order a nullity. Consequently, the ITAT deleted the addition made to the appellant's income.
The ITAT held that the addition u/s 68 treating the loan taken by the appellant as an accommodation entry was not justified. The key reasons were: 1) There was no evidence that the lender company admitted giving accommodation entries or that the funds were channelized from undisclosed income of the appellant. 2) Repayment of loans by the appellant disproved the allegation of being the final beneficiary. 3) Identity, creditworthiness, and genuineness of borrowings were proved through details and evidence submitted. 4) Denial of cross-examination of witnesses whose statements formed the basis of the addition violated principles of natural justice, making the order a nullity. Consequently, the ITAT deleted the addition made to the appellant's income.
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