Blocked input tax credit for resort construction remains unavailable; interest follows actual utilisation, while delayed payment attracts statutory pe...
Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
The ITAT upheld the deletion of additions related to unexplained sundry creditors, finding no infirmity in the CIT(A)'s acceptance of additional evidence, including an agency agreement justifying adjustments between parties. The AO's jurisdiction to scrutinize sundry creditors was affirmed but the related disallowance under section 14A was already deleted by CIT(A) and not challenged, rendering that issue final. The assessee's challenge to interest disallowance under limited scrutiny was dismissed. However, regarding disallowance under section 36(1)(iii), the ITAT reversed CIT(A)'s directive for recomputation, holding that the assessee's demonstration of sufficient interest-free funds to cover advances negated any disallowance. Consequently, the assessee's ground on this point was allowed, resulting in the overall dismissal of the revenue's appeal and partial allowance of the assessee's cross-objection.
The ITAT upheld the deletion of additions related to unexplained sundry creditors, finding no infirmity in the CIT(A)'s acceptance of additional evidence, including an agency agreement justifying adjustments between parties. The AO's jurisdiction to scrutinize sundry creditors was affirmed but the related disallowance under section 14A was already deleted by CIT(A) and not challenged, rendering that issue final. The assessee's challenge to interest disallowance under limited scrutiny was dismissed. However, regarding disallowance under section 36(1)(iii), the ITAT reversed CIT(A)'s directive for recomputation, holding that the assessee's demonstration of sufficient interest-free funds to cover advances negated any disallowance. Consequently, the assessee's ground on this point was allowed, resulting in the overall dismissal of the revenue's appeal and partial allowance of the assessee's cross-objection.
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