PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
The ITAT dismissed the Revenue's appeal and upheld the CIT(A)'s order deleting the addition of Rs. 4 crores u/s 69C. The assessee's books reflected outstanding trade payables to Shri Paranthaman concerns. The seized material and the director's statement were rebutted by the evidence. The ITAT found contradictions and logical flaws in the director's statement relied upon by the AO. The loose sheets did not contain the complete creditors' list and were for reconciliation purposes during account finalization. The assessee established the outstanding trade creditors were allowable and not outside the books.
The ITAT dismissed the Revenue's appeal and upheld the CIT(A)'s order deleting the addition of Rs. 4 crores u/s 69C. The assessee's books reflected outstanding trade payables to Shri Paranthaman concerns. The seized material and the director's statement were rebutted by the evidence. The ITAT found contradictions and logical flaws in the director's statement relied upon by the AO. The loose sheets did not contain the complete creditors' list and were for reconciliation purposes during account finalization. The assessee established the outstanding trade creditors were allowable and not outside the books.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
