Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
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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