Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
Customs Cargo Service Provider appointment extends custodianship to additional terminal land, subject to cargo-control, security and licence condition...
The ITAT dismissed the Revenue's appeal and upheld the order of the CIT(A) in toto. It held that addition under s.41(1) was unsustainable as the alleged loans of Rs.1.06 crore, though unsupported by confirmations, were admittedly utilized for capital purposes before commencement of business, negating any remission or cessation of a trading liability. The Tribunal further affirmed deletion of disallowance under s.37, noting that the assessee had produced bills, vouchers and ledgers, and the AO's ad hoc disallowance for want of evidence lacked factual foundation. Disallowance under s.40A(3) was also rejected since the impugned payments were made through banking channels. Finally, the ITAT sustained deletion of disallowance of audit fees and statutory dues, holding the provisions genuine and duly reflected in audited accounts.
The ITAT dismissed the Revenue's appeal and upheld the order of the CIT(A) in toto. It held that addition under s.41(1) was unsustainable as the alleged loans of Rs.1.06 crore, though unsupported by confirmations, were admittedly utilized for capital purposes before commencement of business, negating any remission or cessation of a trading liability. The Tribunal further affirmed deletion of disallowance under s.37, noting that the assessee had produced bills, vouchers and ledgers, and the AO's ad hoc disallowance for want of evidence lacked factual foundation. Disallowance under s.40A(3) was also rejected since the impugned payments were made through banking channels. Finally, the ITAT sustained deletion of disallowance of audit fees and statutory dues, holding the provisions genuine and duly reflected in audited accounts.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4784
Join Channel
TaxTMI 
