Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
The dominant issue was whether cash deposited by the company's directors and later transferred to the assessee's account for share purchase could be taxed as unexplained credit under s. 68. The Tribunal held that the authorities proceeded on mere suspicion by relying only on the directors' salary during the relevant year and routine expenses, without examining their prior savings or capital accumulation, and the first appellate authority upheld the addition without mandated inquiry, rendering the order arbitrary. It further held that, on these facts, the correct provision, if any, was s. 69A (unexplained money) and not s. 68, showing non-application of mind. The addition was deleted and the appeal was allowed - ITAT
The dominant issue was whether cash deposited by the company's directors and later transferred to the assessee's account for share purchase could be taxed as unexplained credit under s. 68. The Tribunal held that the authorities proceeded on mere suspicion by relying only on the directors' salary during the relevant year and routine expenses, without examining their prior savings or capital accumulation, and the first appellate authority upheld the addition without mandated inquiry, rendering the order arbitrary. It further held that, on these facts, the correct provision, if any, was s. 69A (unexplained money) and not s. 68, showing non-application of mind. The addition was deleted and the appeal was allowed - ITAT
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