TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Highlights
of of All Highlights
Note
Bookmark
Share
Don't have an account? Register Here
of ITAT dismissed Revenue's appeal against CIT(A)'s order deleting additions under s.68 for alleged bogus share capital and unsecured loans. The assessee successfully demonstrated identity, creditworthiness, and transaction genuineness by providing shareholder confirmations, bank statements, and ITRs. AO's additions were rejected as based merely on doubt without contradictory evidence. CIT(A)'s partial allowance of s.14A disallowance was upheld, limiting it to investments yielding exempt income. ITAT affirmed CIT(A)'s authority to admit additional evidence without mandatory AO remand under s.250(4) and Rule 46A(4). The related interest expenses on unsecured loans were consequently allowed, and corresponding adjustments to WIP were permitted.
TaxTMI 