Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
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 4828 
Join Channel 
