Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
The dominant issue was whether cash of ₹25 crore, alleged to be advanced as an unrecorded loan based on directors' statements, could be taxed as unexplained money under s. 69A read with s. 115BBE. The appellate authority accepted the assessee's explanation supported by a contemporaneous loan agreement and consistent business conduct as an NBFC charging high interest on loans with corresponding TDS credits reflected in returns; the Revenue failed to disprove the agreement's authenticity or identify any infirmity in the findings. Consequently, deletion of the addition was affirmed and the Revenue's appeal was dismissed. - ITAT
The dominant issue was whether cash of ₹25 crore, alleged to be advanced as an unrecorded loan based on directors' statements, could be taxed as unexplained money under s. 69A read with s. 115BBE. The appellate authority accepted the assessee's explanation supported by a contemporaneous loan agreement and consistent business conduct as an NBFC charging high interest on loans with corresponding TDS credits reflected in returns; the Revenue failed to disprove the agreement's authenticity or identify any infirmity in the findings. Consequently, deletion of the addition was affirmed and the Revenue's appeal was dismissed. - ITAT
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