Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
In a dispute before ITAT regarding income classification, the tribunal examined a broker's ledger account with a debit balance. The tribunal determined that the debit balance represented a future and options (F & O) bill credit margin, indicating the broker was expecting payment from the assessee. Correspondingly, the assessee's accounts showed a matching credit balance representing a liability to the broker. Consequently, the tribunal ruled that the debit balance cannot be construed as the assessee's income. The tribunal deleted the contested income addition and allowed the assessee's appeal, affirming the principle that ledger entries reflecting pending financial transactions do not constitute taxable income.
In a dispute before ITAT regarding income classification, the tribunal examined a broker's ledger account with a debit balance. The tribunal determined that the debit balance represented a future and options (F & O) bill credit margin, indicating the broker was expecting payment from the assessee. Correspondingly, the assessee's accounts showed a matching credit balance representing a liability to the broker. Consequently, the tribunal ruled that the debit balance cannot be construed as the assessee's income. The tribunal deleted the contested income addition and allowed the assessee's appeal, affirming the principle that ledger entries reflecting pending financial transactions do not constitute taxable income.
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