Functional comparability governs selection of support-service and IT-enabled service comparables, with verification required for unresolved data and m...
Bank account freezing requires statutory authority; anti-money-laundering compliance and KYC monitoring do not permit unilateral indefinite restrictio...
HC dismissed the revenue's addition under s.68 and allowed the assessee's appeal. The court held that where share allotment and premium were recorded contemporaneously with statutory filings and independent verification identified subscribers and traced funds, the AO could not, merely because directors failed to attend summons under s.131, conclude absence of any explanation under s.68. Applying the second proviso to s.68, the tribunal's and appellate authority's concurrent factual findings-that subscribers were identified, source of funds was established, and explanations were sufficient-were not perverse. In those circumstances the AO's subjective disbelief was unsustainable and the addition as unexplained credit was reversed.
HC dismissed the revenue's addition under s.68 and allowed the assessee's appeal. The court held that where share allotment and premium were recorded contemporaneously with statutory filings and independent verification identified subscribers and traced funds, the AO could not, merely because directors failed to attend summons under s.131, conclude absence of any explanation under s.68. Applying the second proviso to s.68, the tribunal's and appellate authority's concurrent factual findings-that subscribers were identified, source of funds was established, and explanations were sufficient-were not perverse. In those circumstances the AO's subjective disbelief was unsustainable and the addition as unexplained credit was reversed.
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