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 dismissed the Revenue's appeal concerning reopening of assessments under s.147 and additions under s.68 for alleged bogus share application money and unsecured loans. The Tribunal found that the AO mechanically issued s.148 notice based on information from the Investigation Wing without proper application of mind, despite all information being available in the previously completed s.143(3) assessment. Regarding share capital, the assessee had discharged its onus under s.68 by providing documentation establishing identity, creditworthiness, and genuineness of transactions. For unsecured loans, the Tribunal noted their repayment within a short period, and that the Revenue's case relied on a retracted statement of Mukesh Banka, which could not form the basis for additions per jurisdictional precedent.
ITAT dismissed the Revenue's appeal concerning reopening of assessments under s.147 and additions under s.68 for alleged bogus share application money and unsecured loans. The Tribunal found that the AO mechanically issued s.148 notice based on information from the Investigation Wing without proper application of mind, despite all information being available in the previously completed s.143(3) assessment. Regarding share capital, the assessee had discharged its onus under s.68 by providing documentation establishing identity, creditworthiness, and genuineness of transactions. For unsecured loans, the Tribunal noted their repayment within a short period, and that the Revenue's case relied on a retracted statement of Mukesh Banka, which could not form the basis for additions per jurisdictional precedent.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
