Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4823 
Join Channel 
