Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
ITAT allowed the assessee's appeal in part and dismissed Revenue's appeal. It held that amounts reflected in seized document BSIPL/01 represented investments of third parties and could not be treated as undisclosed sales or income u/s 69A; the document must be read as a whole and not selectively. Additions based solely on WhatsApp chats were deleted for want of corroborative evidence and on the footing that any presumption u/s 292C would arise, if at all, in the hands of the person from whose possession the chats originated. The Tribunal upheld deletion of additions on alleged bogus purchases, finding no extra profit, and deleted addition u/s 68 for unsecured loans, noting complete evidentiary support and subsequent repayment.
ITAT allowed the assessee's appeal in part and dismissed Revenue's appeal. It held that amounts reflected in seized document BSIPL/01 represented investments of third parties and could not be treated as undisclosed sales or income u/s 69A; the document must be read as a whole and not selectively. Additions based solely on WhatsApp chats were deleted for want of corroborative evidence and on the footing that any presumption u/s 292C would arise, if at all, in the hands of the person from whose possession the chats originated. The Tribunal upheld deletion of additions on alleged bogus purchases, finding no extra profit, and deleted addition u/s 68 for unsecured loans, noting complete evidentiary support and subsequent repayment.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
