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...
ITAT affirms the CIT(A)'s deletion of additions under s.68 and s.56(2)(x)(b)(B), holding that the assessee discharged the prima facie onus by producing ledger entries, confirmations, bank statements, opening/closing balances and other documentary evidence, and that the CIT(A) independently verified and analyzed the documents and facts. Additions made merely because notices to two creditors were returned unserved or because creditors had low declared incomes were held unsustainable. Deletion qua loans from ten of twelve parties is upheld; issues as to the remaining two creditors are reserved to adjudicate separately. The s.56(2)(x)(b)(B) addition was rejected for the relevant AY as the statutory provision was not then applicable.
ITAT affirms the CIT(A)'s deletion of additions under s.68 and s.56(2)(x)(b)(B), holding that the assessee discharged the prima facie onus by producing ledger entries, confirmations, bank statements, opening/closing balances and other documentary evidence, and that the CIT(A) independently verified and analyzed the documents and facts. Additions made merely because notices to two creditors were returned unserved or because creditors had low declared incomes were held unsustainable. Deletion qua loans from ten of twelve parties is upheld; issues as to the remaining two creditors are reserved to adjudicate separately. The s.56(2)(x)(b)(B) addition was rejected for the relevant AY as the statutory provision was not then applicable.
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