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 deleted additions made u/s 68 treating unsecured loans as unexplained cash credits. The Tribunal held that the assessee discharged the evidentiary onus by furnishing identity and creditworthiness documents (PAN/Aadhaar, loan confirmations, bank statements, ITRs and land records) and evidence of repayments, and that the AO proceeded with a pre-determined mind without invoking statutory powers of enquiry u/s 131 or s.133(6). Having failed to make independent enquiries or assess the alleged creditors, the AO could not sustain the additions; the burden shifted to the Revenue and no further proof justified invoking s.68, hence the addition was deleted.
ITAT allowed the appeal and deleted additions made u/s 68 treating unsecured loans as unexplained cash credits. The Tribunal held that the assessee discharged the evidentiary onus by furnishing identity and creditworthiness documents (PAN/Aadhaar, loan confirmations, bank statements, ITRs and land records) and evidence of repayments, and that the AO proceeded with a pre-determined mind without invoking statutory powers of enquiry u/s 131 or s.133(6). Having failed to make independent enquiries or assess the alleged creditors, the AO could not sustain the additions; the burden shifted to the Revenue and no further proof justified invoking s.68, hence the addition was deleted.
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