Dependent Agent PE unresolved for lack of factual inquiry; arm's-length distribution accepted; royalty claim rejected; 15% refund interest (Section 24...
Exemption under s.10(23C)(iiiad) upheld; appeal allowed, interest and dividends excluded from annual receipts, disallowance deleted, capital gains exe...
ITAT allowed the appeal and directed deletion of the addition made under section 69A, holding the AO's disallowance rested on conjecture and surmise without adequate enquiry or corroborative material. The Tribunal found the AO failed to disclose the provenance of purported information, did not apply independent mind, did not issue summons under s.131 or requisition information under s.133(6), nor confront the assessee with the purported information; GST authorities had not withdrawn input tax credit. Absent independent verification or conclusive evidence that purchases were bogus, the addition could not be sustained and therefore was deleted; appeal of the assessee was allowed.
ITAT allowed the appeal and directed deletion of the addition made under section 69A, holding the AO's disallowance rested on conjecture and surmise without adequate enquiry or corroborative material. The Tribunal found the AO failed to disclose the provenance of purported information, did not apply independent mind, did not issue summons under s.131 or requisition information under s.133(6), nor confront the assessee with the purported information; GST authorities had not withdrawn input tax credit. Absent independent verification or conclusive evidence that purchases were bogus, the addition could not be sustained and therefore was deleted; appeal of the assessee was allowed.
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