Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
ITAT dismissed the appeal and upheld the reopening of assessment, finding that the assessee operated as a conduit for accommodation entries rather than carrying on genuine business. The Tribunal concluded that large-volume credits and immediate onward transfers, effected by RTGS/cheque/transfer, lacked commercial rationale and constituted accommodation transactions executed for commission. In view of the assessee's failure to substantiate any delivery of goods or services or to explain the purpose of debit entries, the Tribunal sustained the tax authority's allegations and the resultant adjustments arising from the information received from DDIT(Inv.), treating the receipts as non-business, sham transactions and affirming the assessment re-opening and consequent additions.
ITAT dismissed the appeal and upheld the reopening of assessment, finding that the assessee operated as a conduit for accommodation entries rather than carrying on genuine business. The Tribunal concluded that large-volume credits and immediate onward transfers, effected by RTGS/cheque/transfer, lacked commercial rationale and constituted accommodation transactions executed for commission. In view of the assessee's failure to substantiate any delivery of goods or services or to explain the purpose of debit entries, the Tribunal sustained the tax authority's allegations and the resultant adjustments arising from the information received from DDIT(Inv.), treating the receipts as non-business, sham transactions and affirming the assessment re-opening and consequent additions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
