Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
Denial of Preferential Treatment under SAFTA overturned where unchallenged Country of Origin certificate warranted exemption under Notification benefi...
Continuing offence of money-laundering: discharge set aside and proceedings reinstated where laundering continued after inclusion of predicate offence...
Addition under s.69 for alleged unexplained fixed assets was rejected because the assessee had consistently disclosed the same asset value in successive balance sheets and earlier return filings, and the AO produced no material to show investment during the relevant year; the addition was deleted. Enhancement of closing capital and rejection of closing cash balance were held unjustified since the disclosed cash-in-hand was supported by the balance sheet and GST returns, and denial of capitalization flowed from the AO's incorrect reduction of cash; enhancement was allowed. Addition under s.69A was quashed as the assessment was framed without a mandatory show-cause notice, vitiating the order; the addition was deleted. Consequential penalties under s.272A(1)(d) were deleted. - ITAT
Addition under s.69 for alleged unexplained fixed assets was rejected because the assessee had consistently disclosed the same asset value in successive balance sheets and earlier return filings, and the AO produced no material to show investment during the relevant year; the addition was deleted. Enhancement of closing capital and rejection of closing cash balance were held unjustified since the disclosed cash-in-hand was supported by the balance sheet and GST returns, and denial of capitalization flowed from the AO's incorrect reduction of cash; enhancement was allowed. Addition under s.69A was quashed as the assessment was framed without a mandatory show-cause notice, vitiating the order; the addition was deleted. Consequential penalties under s.272A(1)(d) were deleted. - ITAT
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