Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
ITAT held that estimated gross on-money receipts could not be taxed in full where the record also showed unaccounted funds being routed into the books as unsecured loans through the admitted modus operandi. Because the assessee failed to prove the genuineness and creditworthiness of the lenders, the unsecured loans were treated as unexplained and the CIT(A)'s restricted additions were sustained for the relevant assessment years. The Tribunal also rejected further telescoping based on income earlier declared, and upheld the CIT(A)'s approach as the correct basis of taxation. The Revenue's appeal and the assessee's appeals were dismissed.
ITAT held that estimated gross on-money receipts could not be taxed in full where the record also showed unaccounted funds being routed into the books as unsecured loans through the admitted modus operandi. Because the assessee failed to prove the genuineness and creditworthiness of the lenders, the unsecured loans were treated as unexplained and the CIT(A)'s restricted additions were sustained for the relevant assessment years. The Tribunal also rejected further telescoping based on income earlier declared, and upheld the CIT(A)'s approach as the correct basis of taxation. The Revenue's appeal and the assessee's appeals were dismissed.
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