Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Burden of proof for unexplained credits lies on the assessee in whose books the entries appear; the assessee must prove identity, creditworthiness and genuineness of creditors, failing which additions are sustainable. Evidence from search records and sworn statements established that the assessee functioned as a conduit for accommodation entries, so AO's additions treating credits as unexplained were restored. The CIT(A)'s view that protective additions fall because beneficiaries faced substantive additions was rejected; liability for unexplained credits attaches independently to the booked assessee, and consequential additions for parallel undisclosed cash routing were upheld.
Burden of proof for unexplained credits lies on the assessee in whose books the entries appear; the assessee must prove identity, creditworthiness and genuineness of creditors, failing which additions are sustainable. Evidence from search records and sworn statements established that the assessee functioned as a conduit for accommodation entries, so AO's additions treating credits as unexplained were restored. The CIT(A)'s view that protective additions fall because beneficiaries faced substantive additions was rejected; liability for unexplained credits attaches independently to the booked assessee, and consequential additions for parallel undisclosed cash routing were upheld.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
