Appeal dismissed: petitioner denied ITC for electricity used in township maintenance as residential supply; Explanation 1(d) prospective under s.2(17)...
Registration under section 12AA granted where substantive charitable objects for ex-servicemen, incidental commercial activity permitted and profits a...
The SC dismissed the SLP, upholding the HC's affirmance of the ITAT's factual conclusion that the AO's addition of alleged outstanding liabilities payable to two banks to the assessee's returned income was justified. The Court held the genuineness and existence of the claimed transactions were questions of fact, noting the absence of sufficient evidentiary material to demonstrate receipt (and subsequent return) of goods or to substantiate the asserted liabilities. No perversity or patent illegality in the concurrent findings of fact was found, and there was no basis to interfere with the impugned HC order sustaining the addition.
The SC dismissed the SLP, upholding the HC's affirmance of the ITAT's factual conclusion that the AO's addition of alleged outstanding liabilities payable to two banks to the assessee's returned income was justified. The Court held the genuineness and existence of the claimed transactions were questions of fact, noting the absence of sufficient evidentiary material to demonstrate receipt (and subsequent return) of goods or to substantiate the asserted liabilities. No perversity or patent illegality in the concurrent findings of fact was found, and there was no basis to interfere with the impugned HC order sustaining the addition.
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