Notification No. 12/97-Customs(N.T.) amendment adds Malur Inland Container Depot in Karnataka to authorized locations for import unloading and export ...
Authority rules B+G+31 service apartment is commercial building construction, not multi-storey residential for tax classification under RERA definitio...
ITAT upheld the CIT(A)'s deletion of an income addition where the AO had disallowed capital introduced by a partner as unexplained income. The Tribunal found the assessee established identity and capacity of the creditor (the partner) and that absence of interest payments to a company did not demonstrate transaction sham; alternative explanations (e.g. borrower's poor finances) could account for nonpayment. The AO failed to discharge the burden of proving the funds originated from the firm rather than the partner or that the transaction was a colourable device. In consequence the addition lacked sufficient evidentiary foundation and the Revenue's ground was rejected.
ITAT upheld the CIT(A)'s deletion of an income addition where the AO had disallowed capital introduced by a partner as unexplained income. The Tribunal found the assessee established identity and capacity of the creditor (the partner) and that absence of interest payments to a company did not demonstrate transaction sham; alternative explanations (e.g. borrower's poor finances) could account for nonpayment. The AO failed to discharge the burden of proving the funds originated from the firm rather than the partner or that the transaction was a colourable device. In consequence the addition lacked sufficient evidentiary foundation and the Revenue's ground was rejected.
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