Concessional Basic Customs Duty on Ethernet switches: classification as enterprise switches upheld, challenge dismissed for lack of substantial law qu...
Insolvency petition based on admitted debt and default upheld; challenge for malicious initiation rejected, settlement may proceed under resolution fr...
Quashing of FIR and challenge to ECIR over alleged diversion of funds and preferential ESOP pricing dismissed after prima facie money-laundering findi...
Addition under s.69 for alleged cash "on-money" paid over and above the agreement value for purchase of shop premises was examined on whether it could be sustained solely on third-party seized material and an employee's statement. In absence of any corroborative evidence linking the assessee to such payment, and where the assessee categorically denied any cash outflow, reliance on untested third-party material was held insufficient. Failure to confront the assessee with the seized material and denial of requested cross-examination vitiated the evidentiary basis. The addition was deleted and the issue was decided in favour of the assessee - ITAT
Addition under s.69 for alleged cash "on-money" paid over and above the agreement value for purchase of shop premises was examined on whether it could be sustained solely on third-party seized material and an employee's statement. In absence of any corroborative evidence linking the assessee to such payment, and where the assessee categorically denied any cash outflow, reliance on untested third-party material was held insufficient. Failure to confront the assessee with the seized material and denial of requested cross-examination vitiated the evidentiary basis. The addition was deleted and the issue was decided in favour of the assessee - ITAT
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