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 allowed assessee's appeal and confirmed CIT(A)'s deletion of addition under Section 68. The assessee successfully discharged the primary onus by providing confirmation letters, bank statements, income tax returns, and statements establishing lender's identity, creditworthiness, and transaction genuineness. Despite AO's disbelief of unsecured loans without interest charges, the tribunal noted AO did not question partial loan repayments with appropriate TDS in current and subsequent assessment years. The tribunal held that assessee provided sufficient prima facie evidence including lender's PAN, address, contra confirmations, and financial documents. Addition under Section 68 was deemed unsustainable in law as all three conditions - identity, genuineness, and creditworthiness - were adequately established through documentary evidence submitted.
ITAT allowed assessee's appeal and confirmed CIT(A)'s deletion of addition under Section 68. The assessee successfully discharged the primary onus by providing confirmation letters, bank statements, income tax returns, and statements establishing lender's identity, creditworthiness, and transaction genuineness. Despite AO's disbelief of unsecured loans without interest charges, the tribunal noted AO did not question partial loan repayments with appropriate TDS in current and subsequent assessment years. The tribunal held that assessee provided sufficient prima facie evidence including lender's PAN, address, contra confirmations, and financial documents. Addition under Section 68 was deemed unsustainable in law as all three conditions - identity, genuineness, and creditworthiness - were adequately established through documentary evidence submitted.
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