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 held that the addition under Section 68 for unsecured loans was inappropriate. The tribunal found the assessee established creditor identity through PAN, creditworthiness via bank statements and ITRs, and confirmed loan origin from creditors' own bank accounts. The Assessing Officer's addition was based on mere suspicion without clinching evidence proving the funds did not genuinely belong to the stated creditors. The tribunal deleted the contested addition, ruling in favor of the assessee based on comprehensive documentary evidence demonstrating loan authenticity and creditor legitimacy.
ITAT held that the addition under Section 68 for unsecured loans was inappropriate. The tribunal found the assessee established creditor identity through PAN, creditworthiness via bank statements and ITRs, and confirmed loan origin from creditors' own bank accounts. The Assessing Officer's addition was based on mere suspicion without clinching evidence proving the funds did not genuinely belong to the stated creditors. The tribunal deleted the contested addition, ruling in favor of the assessee based on comprehensive documentary evidence demonstrating loan authenticity and creditor legitimacy.
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