Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
Insurer's investment gains and investment write-downs face Section 263 revision; enquiry upheld, Rule 5(b)(ii) lapse sustained, late corrigendum quash...
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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