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...
The dominant issue was whether revision under s.263 was justified where the AO, after finding purchases to be bogus and goods not received, made disallowance under s.37(1) instead of invoking s.69C read with s.115BBE. Since s.69C applies where an expenditure is claimed but the assessee fails to satisfactorily explain its source, and the factual findings showed the expenditure was unexplained and unsupported by evidence of receipt of goods, the statutory preconditions for s.69C were met. The AO's resort to s.37(1), absent any controversy on commercial expediency, rendered the assessment erroneous and prejudicial to revenue; the revisionary directions were sustained and the assessee's challenge was rejected - ITAT
The dominant issue was whether revision under s.263 was justified where the AO, after finding purchases to be bogus and goods not received, made disallowance under s.37(1) instead of invoking s.69C read with s.115BBE. Since s.69C applies where an expenditure is claimed but the assessee fails to satisfactorily explain its source, and the factual findings showed the expenditure was unexplained and unsupported by evidence of receipt of goods, the statutory preconditions for s.69C were met. The AO's resort to s.37(1), absent any controversy on commercial expediency, rendered the assessment erroneous and prejudicial to revenue; the revisionary directions were sustained and the assessee's challenge was rejected - ITAT
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