Jurisdictional sanction requirements bar reassessment when approval comes from an authority lacking statutory competence under the applicable framewor...
Recorded sales receipts cannot be reassessed as unexplained cash credits, eliminating the basis for consequential alleged commission expenditure addit...
Sufficient cause for delayed income-tax appeals requires bona fide diligence; unsubstantiated counsel illness and assessee inaction defeat condonation...
TNMM Segmentation Limits Transfer-Pricing Adjustments to Associated-Enterprise Transactions and Requires Turnover-Based Comparable Selection for IT Se...
ITAT upheld additions under Section 68 for unexplained share application money from two companies. The tribunal confirmed the Assessing Officer's (AO) order, finding the assessee failed to establish the creditworthiness and identity of share applicants. The initial burden of proving transaction genuineness rests with the assessee. Additionally, the tribunal disallowed loss on sale of fixed assets, ruling such loss is not an allowable expenditure under Section 37. The AO's disallowance was sustained, and grounds of appeal were dismissed, affirming the lower authorities' findings on both share application money and fixed asset sale.
ITAT upheld additions under Section 68 for unexplained share application money from two companies. The tribunal confirmed the Assessing Officer's (AO) order, finding the assessee failed to establish the creditworthiness and identity of share applicants. The initial burden of proving transaction genuineness rests with the assessee. Additionally, the tribunal disallowed loss on sale of fixed assets, ruling such loss is not an allowable expenditure under Section 37. The AO's disallowance was sustained, and grounds of appeal were dismissed, affirming the lower authorities' findings on both share application money and fixed asset sale.
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