Donor-directed corpus contributions retain capital character despite exemption claims under section 10(23C)(vi), preventing their treatment as taxable...
Enhanced tax-audit threshold applies where banking records establish compliant non-cash receipts and payments, eliminating penalty exposure for audit ...
Transfer pricing consistency protects identical non-interest-bearing debenture terms from a later notional-interest adjustment without valid statutory...
Rectification of debatable deduction claims cannot reverse scrutiny-approved co-operative society interest income deductions as apparent record errors...
Cash-method accounting bars presumptive interest taxation, while unsupported securities and share-trading additions require reliable material and veri...
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 4807 
Join Channel 
