Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
ITAT upheld AO's jurisdiction to examine undisclosed share transaction investments under limited scrutiny assessment. AO's examination of unsecured loans was deemed valid as investments were funded through loans, necessitating verification of creditors' genuineness and creditworthiness. Regarding Rs. 21 lakhs loan from spouse secured against property, ITAT remanded matter to AO for detailed verification of loan creditors and documentation. While assessee provided affidavits, insufficient evidence existed to establish creditors' creditworthiness. AO directed to verify loan credits and issue necessary summons to creditors. First ground of appeal dismissed, second ground partially allowed for statistical purposes.
ITAT upheld AO's jurisdiction to examine undisclosed share transaction investments under limited scrutiny assessment. AO's examination of unsecured loans was deemed valid as investments were funded through loans, necessitating verification of creditors' genuineness and creditworthiness. Regarding Rs. 21 lakhs loan from spouse secured against property, ITAT remanded matter to AO for detailed verification of loan creditors and documentation. While assessee provided affidavits, insufficient evidence existed to establish creditors' creditworthiness. AO directed to verify loan credits and issue necessary summons to creditors. First ground of appeal dismissed, second ground partially allowed for statistical purposes.
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