Permanent establishment tests: independent subsidiary premises and principal-to-principal dealings did not create Indian taxability for offshore suppl...
Valuation Officer estimates govern property-value additions once statutory valuation is invoked, requiring fresh consideration of objections and compa...
Waiver of written show-cause notice may prevent a later procedural challenge after participation in customs adjudication, preserving statutory appella...
Retrospective invalidity of ocean-freight IGST supports refunds despite non-party status and prior credit utilisation, subject to authorised appeal gr...
Additional evidence in departmental appeals may include show-cause-notice material without introducing a new case where it merely corroborates existin...
Reasoned rectification orders require consideration of expenditure disclosed in income-tax returns, preventing revision based on incomplete income com...
Section 68 places the initial burden on an assessee to establish, through cogent evidence, each loan creditor's identity, financial capacity and the genuineness of the transaction. Unsecured loans may be treated as unexplained cash credits where creditors deny making advances or cannot explain the source of the funds advanced, demonstrating that their creditworthiness has not been established. Failure to discharge this burden supports an addition for unexplained cash credits.
Section 68 places the initial burden on an assessee to establish, through cogent evidence, each loan creditor's identity, financial capacity and the genuineness of the transaction. Unsecured loans may be treated as unexplained cash credits where creditors deny making advances or cannot explain the source of the funds advanced, demonstrating that their creditworthiness has not been established. Failure to discharge this burden supports an addition for unexplained cash credits.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4908 
