Assessee furnished sufficient documents proving financial ...

Assessee proved financial credibility; Revenue failed to disprove genuine transaction. CIT(A) rightly deleted AO's addition.

Case Laws Income Tax

August 6, 2024

Assessee furnished sufficient documents proving financial creditworthiness, undisputed by Revenue. Revenue failed to provide any material disproving genuineness of transaction between assessee and supplier continuing from preceding year. Merely relying on information from Investigation Wing insufficient. No infirmity found in CIT(A)'s order deleting addition made by AO. Revenue's appeal dismissed.

View Source

← Previous Next →

Assessee furnished sufficient documents proving financial ...

Assessee proved financial credibility; Revenue failed to disprove genuine transaction. CIT(A) rightly deleted AO's addition.

Case Laws Income Tax

August 6, 2024

You may also like:

Smuggling - Betel Nuts - foreign origin goods - town seizure - notified item or not - onus to prove - The CESTAT recognized that betel nuts were not notified items under...

The assessee, a professional stock broker, claimed loss on trading of shares which was disallowed by the Assessing Officer (AO) on the grounds that the trades were not...

Levy of penalty u/s. 271A(2)(g) - default in compliance of TDS provision - financial crisis - The assessee has demonstrated from the material placed on record that...

Foreign gifts received - NRI gift could not be accepted as genuine unless the assessee was able to prove natural love and affection and financial capacity of the donor - HC

Gift from stranger - NRI gift could not be accepted as genuine unless the assessee was able to prove natural love and affection and financial capacity of the donor - HC

Unexplained cash credit u/s. 68 - primary onus that lay on the assessee to establish the identity, genuineness and creditworthiness of the assessee is being proved...

The assessee received Rs. 125 lacs in cash from SGCFCL for facilitation work, which was not recorded in the books. The assessee claimed the amount was paid to 2500...

Deletion of LTCG as non-genuine - transactions in shares - Deletion of undisclosed commission paid for arranging accommodation entries - assessee proves that...

In a case concerning unexplained credit u/s 68, the assessee proved the identity and genuineness of share applicants, although their creditworthiness was questioned. The...

Allowability of financial charges including interest expenditure - The assessee failed to produce documentary evidences, the end use of funds invested in subsidiary,...

Levy of penalty u/s 271C - non deduction of tds on payment of lease rent to Noida Authority u/s 194I - Since assessee failed to prove its bonafide through any relevant...

Addition u/s 68 - share application money received as unaccounted cash credit - identity and creditworthiness of the share subscribers and genuineness of the transaction...

Confiscation of goods imported - misuse of its IEC - The assessee has not proved beyond reasonable doubt that the goods in question imported under the air way...

The assessee has failed to prove the transaction to be genuine and also failed to establish the capacity of the creditors to advance loan to the assessee. - Additions...

Valuation of imported goods - the onus of proving charge of undervaluation lies on the Revenue which needs to be proved by way of producing necessary evidence - the...

Quick Updates: