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...
ITAT reversed additions made under sections 41(1) and 69 of Income Tax Act. Regarding s.41(1), outstanding trade payables to supplier since FY 2011-12 for defective materials were consistently shown in books, with no cessation of liability established. Following precedent, mere non-payment without remission does not satisfy s.41(1) requirements. Previous ITAT ruling for AY 2012-13 had already examined creditor authenticity. On s.69 addition, demand draft for land registration was properly recorded as fixed asset in FY 2014-15 books, negating unexplained investment presumption. Revenue's contradictory position in subsequent year deemed improper. Appeal allowed with both additions deleted.
ITAT reversed additions made under sections 41(1) and 69 of Income Tax Act. Regarding s.41(1), outstanding trade payables to supplier since FY 2011-12 for defective materials were consistently shown in books, with no cessation of liability established. Following precedent, mere non-payment without remission does not satisfy s.41(1) requirements. Previous ITAT ruling for AY 2012-13 had already examined creditor authenticity. On s.69 addition, demand draft for land registration was properly recorded as fixed asset in FY 2014-15 books, negating unexplained investment presumption. Revenue's contradictory position in subsequent year deemed improper. Appeal allowed with both additions deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
