Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
The ITAT held that the Assessing Officer (AO) exceeded jurisdiction by making an addition u/s 68 for unexplained unsecured loans by treating security deposits from sub/petty contractors as unsecured loans. The case was selected for limited scrutiny, and the AO was required to obtain permission from the PCIT before investigating matters outside the selected parameters. The security deposits were against executed projects, evidenced by TDS deductions on payments to sub-contractors. The unsecured loans in the balance sheet pertained to different parties already examined by the AO. Therefore, the ITAT decided in favor of the assessee and held the addition unsustainable.
The ITAT held that the Assessing Officer (AO) exceeded jurisdiction by making an addition u/s 68 for unexplained unsecured loans by treating security deposits from sub/petty contractors as unsecured loans. The case was selected for limited scrutiny, and the AO was required to obtain permission from the PCIT before investigating matters outside the selected parameters. The security deposits were against executed projects, evidenced by TDS deductions on payments to sub-contractors. The unsecured loans in the balance sheet pertained to different parties already examined by the AO. Therefore, the ITAT decided in favor of the assessee and held the addition unsustainable.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
