Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
ITAT allowed the assessee's appeal and deleted the addition made u/s 68 in respect of an outstanding credit standing in the name of the creditor-company. The Tribunal held that a clerical variation in spelling of the creditor's name in the ledger could not override unimpeached documentary evidence, including PAN, ROC records, audited financials, confirmations and past ITAT orders, which conclusively established the creditor's identity and existence. The genuineness of the transaction and creditworthiness were accepted on the basis of a complete, unrebutted banking trail showing receipt and subsequent repayment through the same account. Non-materialisation of the underlying commercial transaction and non-appearance to summons were held legally inconsequential.
ITAT allowed the assessee's appeal and deleted the addition made u/s 68 in respect of an outstanding credit standing in the name of the creditor-company. The Tribunal held that a clerical variation in spelling of the creditor's name in the ledger could not override unimpeached documentary evidence, including PAN, ROC records, audited financials, confirmations and past ITAT orders, which conclusively established the creditor's identity and existence. The genuineness of the transaction and creditworthiness were accepted on the basis of a complete, unrebutted banking trail showing receipt and subsequent repayment through the same account. Non-materialisation of the underlying commercial transaction and non-appearance to summons were held legally inconsequential.
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