Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
ITAT dismissed the Revenue's appeal challenging deletion of addition u/s 68 r.w.s. 115BBE on account of alleged bogus unsecured loan. The CIT(A), after conducting independent inquiries, found that the lender company possessed adequate creditworthiness and that the transaction was genuine, thus satisfying the conditions of s.68. The Revenue failed to rebut these factual findings or produce contrary material. ITAT upheld the CIT(A)'s conclusion that the loan of INR 25 lakhs could not be treated as unexplained cash credit. Consequently, the corresponding disallowance of interest on such loan was also set aside and allowed as deductible business expenditure.
ITAT dismissed the Revenue's appeal challenging deletion of addition u/s 68 r.w.s. 115BBE on account of alleged bogus unsecured loan. The CIT(A), after conducting independent inquiries, found that the lender company possessed adequate creditworthiness and that the transaction was genuine, thus satisfying the conditions of s.68. The Revenue failed to rebut these factual findings or produce contrary material. ITAT upheld the CIT(A)'s conclusion that the loan of INR 25 lakhs could not be treated as unexplained cash credit. Consequently, the corresponding disallowance of interest on such loan was also set aside and allowed as deductible business expenditure.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
