Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
ITAT allowed the assessee's appeal, holding that amounts credited by the employer company constituted salary and not deemed dividend under s. 2(22)(e), and therefore no addition was warranted; the tribunal accepted the assessee's filed return and computation as evidence of salary receipt. The tribunal further held that additions under s. 68 (and s. 69A) for unexplained cash credits were unjustified where the assessee adduced an explanation and the AO failed to discharge the evidentiary burden to the contrary, and accordingly deleted those additions. Net result: all contested additions were deleted and the appeal was allowed in favour of the assessee.
ITAT allowed the assessee's appeal, holding that amounts credited by the employer company constituted salary and not deemed dividend under s. 2(22)(e), and therefore no addition was warranted; the tribunal accepted the assessee's filed return and computation as evidence of salary receipt. The tribunal further held that additions under s. 68 (and s. 69A) for unexplained cash credits were unjustified where the assessee adduced an explanation and the AO failed to discharge the evidentiary burden to the contrary, and accordingly deleted those additions. Net result: all contested additions were deleted and the appeal was allowed in favour of the assessee.
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