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Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
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Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
The Income Tax Appellate Tribunal (ITAT) dismissed the Revenue's appeal against the assessee company. The assessee had furnished all relevant documents and evidence to prove the genuineness of the share application money received, including PAN details, Memorandum of Association, Articles of Association, Audit Reports, Balance Sheets, Bank statements, share application forms, Board Resolutions, and confirmations from the investor companies. The transactions were through proper banking channels and reflected in the books of accounts. The Assessing Officer (AO) made an addition u/s 68 of the Income Tax Act treating the share capital as unexplained cash credits, solely based on statements recorded in some other case, without providing an opportunity for cross-examination to the assessee. The ITAT held that the AO had denied natural justice by not granting an opportunity for cross-examination and had made the addition without assigning valid reasons or bringing any contrary evidence on record to negate the documentary evidence furnished by the assessee. The ITAT ruled that the impugned addition was unjustified.
The Income Tax Appellate Tribunal (ITAT) dismissed the Revenue's appeal against the assessee company. The assessee had furnished all relevant documents and evidence to prove the genuineness of the share application money received, including PAN details, Memorandum of Association, Articles of Association, Audit Reports, Balance Sheets, Bank statements, share application forms, Board Resolutions, and confirmations from the investor companies. The transactions were through proper banking channels and reflected in the books of accounts. The Assessing Officer (AO) made an addition u/s 68 of the Income Tax Act treating the share capital as unexplained cash credits, solely based on statements recorded in some other case, without providing an opportunity for cross-examination to the assessee. The ITAT held that the AO had denied natural justice by not granting an opportunity for cross-examination and had made the addition without assigning valid reasons or bringing any contrary evidence on record to negate the documentary evidence furnished by the assessee. The ITAT ruled that the impugned addition was unjustified.
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