Drawings/designs supply and erection supervision fees from German contractor: designs non-taxable; supervision taxed as FTS/PE depending on six-month ...
Imported analyser diagnostic cartridges treated as accessories with analyser system, not standalone diagnostic reagents; extended limitation and penal...
Steel-timber construction shuttering/formwork tariff classification dispute: essential character held steel, classified as shuttering under Heading 73...
The ITAT allowed the assessee's appeal and deleted the addition made under s. 68 in respect of unsecured loans and related interest. The assessee had produced documentary evidence establishing the identity and creditworthiness of the loan creditors and the genuineness of the transactions. The AO neither rebutted nor commented upon these evidences and placed undue emphasis on the non-service or non-compliance of summons by the creditors. The ITAT held that, in view of the uncontroverted evidences on record, the onus cast on the assessee under s. 68 stood discharged. Consequently, the order of the CIT(A) sustaining the addition was set aside and the entire addition was directed to be deleted.
The ITAT allowed the assessee's appeal and deleted the addition made under s. 68 in respect of unsecured loans and related interest. The assessee had produced documentary evidence establishing the identity and creditworthiness of the loan creditors and the genuineness of the transactions. The AO neither rebutted nor commented upon these evidences and placed undue emphasis on the non-service or non-compliance of summons by the creditors. The ITAT held that, in view of the uncontroverted evidences on record, the onus cast on the assessee under s. 68 stood discharged. Consequently, the order of the CIT(A) sustaining the addition was set aside and the entire addition was directed to be deleted.
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