If the identity, creditworthiness and genuineness of the transaction was placed before the AO then the onus shifts to AO to disprove the materials placed before him
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Landmark Judgment by Gujarat HC order : Provision for Lapse of credit are invalid as issued without authority of law.
In absence of distribution of capital asset and in absence of transfer of capital asset in favour of retiring partners, no profit of gain arose in the hands of firm.
Assessment of non-existing Company is a ‘substantive illegality’ not a ‘procedural violation’: Supreme Court
Merely on basis of Shah Commission’s Report opining that there was under-invoicing of export price by iron-ore miners and exporters, reassessment could not be initiated
If genuineness of the transaction is established, no disallowance can be done even if payment exceeds Rs. 10,000/- in cash?