Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Project Falcon material, standing alone, could not justify an addition under section 68 where the assessee had already recorded the option-trading profit in its profit and loss account, the trade data showed both gains and losses, and there was no direct assessee-specific evidence of a manipulative reversal-trade arrangement. The Tribunal held that the proposed addition would also amount to double taxation, so the deletion of the section 68 addition and the related commission disallowance under section 69C was upheld. On the alleged accommodation loan, the assessee discharged the burden by producing cheque payment, books, confirmations, bank statements and repayment evidence, while the lender's financials showed creditworthiness; in the absence of contrary inquiry or direct linkage, the section 68 addition was unsustainable and its deletion was affirmed.
Project Falcon material, standing alone, could not justify an addition under section 68 where the assessee had already recorded the option-trading profit in its profit and loss account, the trade data showed both gains and losses, and there was no direct assessee-specific evidence of a manipulative reversal-trade arrangement. The Tribunal held that the proposed addition would also amount to double taxation, so the deletion of the section 68 addition and the related commission disallowance under section 69C was upheld. On the alleged accommodation loan, the assessee discharged the burden by producing cheque payment, books, confirmations, bank statements and repayment evidence, while the lender's financials showed creditworthiness; in the absence of contrary inquiry or direct linkage, the section 68 addition was unsustainable and its deletion was affirmed.
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