Form 26AS evidence requires successor-entity accounting verification after business transfer, while invoice-supported related-party advertising expend...
Money-laundering judgment timing requires awaiting the scheduled-offence decision despite continuation of the underlying trial where outcomes directly...
Accredited investor eligibility expands through securities-market exposure, while alternative investment fund disputes require prescribed resolution a...
Page of 4916
Press 'Enter' after typing page number.
41 to 60 of 98302 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
ITAT held that cash deposits in a small trader's bank account, including interest, could not again be assessed as unexplained income where they arose from retail trading receipts and profit had already been offered on those receipts. Accepting that the assessee dealt in agricultural produce and had disclosed presumptive profit at 5% on business turnover, the Tribunal applied the principle that once bank deposits are treated as turnover and taxed through estimated profit, the entire deposits cannot be added again. The addition made by the lower authority was deleted.
ITAT held that cash deposits in a small trader's bank account, including interest, could not again be assessed as unexplained income where they arose from retail trading receipts and profit had already been offered on those receipts. Accepting that the assessee dealt in agricultural produce and had disclosed presumptive profit at 5% on business turnover, the Tribunal applied the principle that once bank deposits are treated as turnover and taxed through estimated profit, the entire deposits cannot be added again. The addition made by the lower authority was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
