Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
Interactive touchscreen panels with integrated computing functions fall under automatic data-processing machines rather than display monitors for cust...
Ex parte injunction service requirements were substantially met, while civil recovery and SFIO investigation into provident fund defalcation continued...
Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
The ITAT upheld the CIT(A)'s deletion of additions under section 68 concerning unexplained share capital and share premium credits, finding the assessee successfully demonstrated these were earlier credited funds transferred via journal entries among related parties, with no fresh funds introduced during the relevant year. Consequently, the revenue's appeal on this ground was dismissed. However, regarding advances shown under other liabilities, the CIT(A) accepted fresh evidence without remanding the matter to the AO for verification of identity, genuineness, and creditworthiness of the parties, violating procedural requirements. The ITAT agreed with the revenue that the issue required reconsideration and partly allowed the appeal for statistical purposes, mandating further examination of the advances' legitimacy.
The ITAT upheld the CIT(A)'s deletion of additions under section 68 concerning unexplained share capital and share premium credits, finding the assessee successfully demonstrated these were earlier credited funds transferred via journal entries among related parties, with no fresh funds introduced during the relevant year. Consequently, the revenue's appeal on this ground was dismissed. However, regarding advances shown under other liabilities, the CIT(A) accepted fresh evidence without remanding the matter to the AO for verification of identity, genuineness, and creditworthiness of the parties, violating procedural requirements. The ITAT agreed with the revenue that the issue required reconsideration and partly allowed the appeal for statistical purposes, mandating further examination of the advances' legitimacy.
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