Transfer pricing comparables selection and working capital adjustment u/r 10B(1)(e)(iii), remanded for recomputation with rejected comparables include...
Company oppression/mismanagement petition amendments and maintainability after alleged share transfer and forgery claims; tribunal order quashed for l...
ITAT dismissed Revenue's appeal and upheld the order of CIT(A) in toto. The Tribunal affirmed deletion of addition u/s 68 r/w s.115BBE on alleged unexplained sundry creditors, holding that only opening balances were involved and no fresh credit arose in the relevant previous year. Disallowance of GST expenditure was sustained as allowable business outgo, the liability having crystallized during the year when input tax credit had lapsed. On alleged bogus purchases, ITAT endorsed CIT(A)'s restriction of addition to a nominal gross profit rate, as books were audited, not rejected, and sales and stock records were accepted. Deletion of addition on alleged difference in purchases was also confirmed, the AO having miscompared net and gross figures.
ITAT dismissed Revenue's appeal and upheld the order of CIT(A) in toto. The Tribunal affirmed deletion of addition u/s 68 r/w s.115BBE on alleged unexplained sundry creditors, holding that only opening balances were involved and no fresh credit arose in the relevant previous year. Disallowance of GST expenditure was sustained as allowable business outgo, the liability having crystallized during the year when input tax credit had lapsed. On alleged bogus purchases, ITAT endorsed CIT(A)'s restriction of addition to a nominal gross profit rate, as books were audited, not rejected, and sales and stock records were accepted. Deletion of addition on alleged difference in purchases was also confirmed, the AO having miscompared net and gross figures.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4821 
Join Channel 
