Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
ITAT dismissed the Revenue's appeal and upheld the order of the CIT(A) deleting additions made u/ss 68 and 69C in assessment framed u/s 153A. ITAT held that unsecured loans received by Assessee X from various companies could not be treated as bogus merely on the basis of third-party statements recorded u/s 131(1A), which were subsequently retracted, especially in absence of any incriminating material seized during search. The excel sheet found on an employee's laptop was held not to be incriminating, as all entries were duly recorded in Assessee X's books and fully corroborated by bank statements, financials, confirmations, PAN and tax records of lenders. ITAT further held that, once loans are accepted as genuine, the related addition of 1% commission u/s 69C for alleged accommodation entries also fails. All grounds raised by the Revenue were therefore rejected.
ITAT dismissed the Revenue's appeal and upheld the order of the CIT(A) deleting additions made u/ss 68 and 69C in assessment framed u/s 153A. ITAT held that unsecured loans received by Assessee X from various companies could not be treated as bogus merely on the basis of third-party statements recorded u/s 131(1A), which were subsequently retracted, especially in absence of any incriminating material seized during search. The excel sheet found on an employee's laptop was held not to be incriminating, as all entries were duly recorded in Assessee X's books and fully corroborated by bank statements, financials, confirmations, PAN and tax records of lenders. ITAT further held that, once loans are accepted as genuine, the related addition of 1% commission u/s 69C for alleged accommodation entries also fails. All grounds raised by the Revenue were therefore rejected.
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