Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Jurisdictional facts in certificate-of-origin discrepancies can support customs show-cause proceedings, leaving factual explanations for departmental ...
Market value for captive electricity consumption follows industrial consumer tariffs, supporting profit computation for the power generation deduction...
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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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