Administrative fraud classification suspension does not halt independent criminal investigation or warrant-based searches into alleged economic offenc...
Arrest safeguards and transit remand requirements invalidated detention following inter-State transfer without communicated grounds or magistrate auth...
Page of 4788
Press 'Enter' after typing page number.
481 to 500 of 95752 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
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 4788
Join Channel
TaxTMI 
