PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
