RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
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 
of 4828 
Join Channel 
