Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
Addition based on undisclosed income allegedly admitted during survey u/s 133A was deleted because the Revenue produced no substantive corroborative evidence, and a survey statement, particularly when promptly retracted and alleged to be obtained under coercion, lacks evidentiary value; reliance was placed on binding precedent holding that no addition can rest solely on such statement, supported by CBDT instructions to rely on material evidence, resulting in dismissal of the Revenue's ground. Disallowance u/s 40A(3) was upheld only to the extent sustained by the first appellate authority since detailed expense-wise verification showed certain payments were made through account payee cheque and the appellate findings disclosed no infirmity, leading to rejection of the Revenue's challenge. - ITAT
Addition based on undisclosed income allegedly admitted during survey u/s 133A was deleted because the Revenue produced no substantive corroborative evidence, and a survey statement, particularly when promptly retracted and alleged to be obtained under coercion, lacks evidentiary value; reliance was placed on binding precedent holding that no addition can rest solely on such statement, supported by CBDT instructions to rely on material evidence, resulting in dismissal of the Revenue's ground. Disallowance u/s 40A(3) was upheld only to the extent sustained by the first appellate authority since detailed expense-wise verification showed certain payments were made through account payee cheque and the appellate findings disclosed no infirmity, leading to rejection of the Revenue's challenge. - ITAT
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