Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
ITAT held that the assessee was not a shell company, since the record showed regular corporate existence and business activity; the returned business loss could not be rejected on that basis and was allowed to be carried forward. On section 68, the assessee discharged the initial burden by producing lender-wise confirmations, bank statements, ledger accounts, affidavits and returns, while the Revenue failed to make any independent rebuttal; the Tribunal also noted that proof of source of source was not required for unsecured loans for AY 2018-19. The entire addition under section 68 was deleted. Once the bank credits were accepted as genuine, the separate addition for unexplained investment based on the same funds was unsustainable and was also deleted.
ITAT held that the assessee was not a shell company, since the record showed regular corporate existence and business activity; the returned business loss could not be rejected on that basis and was allowed to be carried forward. On section 68, the assessee discharged the initial burden by producing lender-wise confirmations, bank statements, ledger accounts, affidavits and returns, while the Revenue failed to make any independent rebuttal; the Tribunal also noted that proof of source of source was not required for unsecured loans for AY 2018-19. The entire addition under section 68 was deleted. Once the bank credits were accepted as genuine, the separate addition for unexplained investment based on the same funds was unsustainable and was also deleted.
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