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 held that where amounts received by an assessee firm are duly recorded in its books and partners affirm introduction of capital, an addition under s. 68 cannot be sustained against the firm; any doubt as to the creditworthiness or genuineness of the source must be investigated qua the individual partner who introduced the funds rather than against the firm. The tribunal concluded that treating partners' capital deployed for land acquisition as unexplained investment vis-Ã -vis the firm was impermissible. Accordingly, the assessing officer's addition was annulled, the appellate authority's contrary finding was set aside, and the firm's corresponding grounds were allowed.
ITAT held that where amounts received by an assessee firm are duly recorded in its books and partners affirm introduction of capital, an addition under s. 68 cannot be sustained against the firm; any doubt as to the creditworthiness or genuineness of the source must be investigated qua the individual partner who introduced the funds rather than against the firm. The tribunal concluded that treating partners' capital deployed for land acquisition as unexplained investment vis-Ã -vis the firm was impermissible. Accordingly, the assessing officer's addition was annulled, the appellate authority's contrary finding was set aside, and the firm's corresponding grounds were allowed.
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