Electronic WhatsApp evidence without authentication or independent corroboration cannot sustain an unexplained-investment addition based on third-part...
Mutual current-account transactions excluded from deemed dividend treatment where no fresh borrowing arose; unsupported unsecured-loan addition also f...
CIT(A) deleted addition of interest income, accepting assessee's audited accounts following mercantile system. ITAT upheld CIT(A)'s order, allowing assessee to recognize interest income based on actual receipts as per AS-9 due to uncertainty from NCLAT proceedings involving borrowers RGPPL and KLNG undergoing OTS. Assessee being government entity, accounts approved by CAG audit. ITAT relied on MMTC Ltd. case, holding AS-9 appropriate for revenue recognition under uncertainty. AO failed to establish assessee received impugned interest during the year.
CIT(A) deleted addition of interest income, accepting assessee's audited accounts following mercantile system. ITAT upheld CIT(A)'s order, allowing assessee to recognize interest income based on actual receipts as per AS-9 due to uncertainty from NCLAT proceedings involving borrowers RGPPL and KLNG undergoing OTS. Assessee being government entity, accounts approved by CAG audit. ITAT relied on MMTC Ltd. case, holding AS-9 appropriate for revenue recognition under uncertainty. AO failed to establish assessee received impugned interest during the year.
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