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...
ITAT allowed appeal against addition made under Section 68 for alleged bogus share capital. Three share subscribers - Aakansha Advisory Services Pvt Ltd, Sunirmiti Mercantile Pvt Ltd and Arihant Enterprises Ltd - demonstrated adequate creditworthiness through their balance sheets and financial statements for FY 2016-17. The Tribunal held that assessee successfully discharged onus by establishing identity, creditworthiness and genuineness of transactions. CIT(A)'s dismissal solely on grounds of FY 2015-16 statements being furnished instead of FY 2016-17 was incorrect. Non-compliance with notices under Section 133(6) alone cannot justify addition when substantive evidence of creditworthiness exists. Addition deleted.
ITAT allowed appeal against addition made under Section 68 for alleged bogus share capital. Three share subscribers - Aakansha Advisory Services Pvt Ltd, Sunirmiti Mercantile Pvt Ltd and Arihant Enterprises Ltd - demonstrated adequate creditworthiness through their balance sheets and financial statements for FY 2016-17. The Tribunal held that assessee successfully discharged onus by establishing identity, creditworthiness and genuineness of transactions. CIT(A)'s dismissal solely on grounds of FY 2015-16 statements being furnished instead of FY 2016-17 was incorrect. Non-compliance with notices under Section 133(6) alone cannot justify addition when substantive evidence of creditworthiness exists. Addition deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
