Commitment proceedings gain extended timelines, structured defect refiling, and automatic resumption of inquiry after the adjusted completion period e...
Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
Enhanced tax rate on surrendered unexplained income applies prospectively, while cash-deposit telescoping requires verification of available surrender...
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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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