NPCI-based bank account validation for IEC applications and modifications enables real-time validation; incorrect details block submission or trigger ...
Creation/Invocation of pledge of securities through depository system: standardized pledge forms, notice requirement and invocation notifications to p...
Calendar Spread margin benefit for Single Stock Derivatives suspended on expiry day for expiring contracts; exchanges must implement systems and rule ...
Proportionate interest, unexplained credits and partner remuneration disputed; proofs of fund nexus and lender identity were decisive and disallowance...
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
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4826 
Join Channel 
