Market value for captive electricity consumption follows industrial consumer tariffs, supporting profit computation for the power generation deduction...
Provisional release of seized imports requires enhanced duty payment, bank guarantee and disclosures while customs adjudication proceeds independently...
Cash receipts and repayments between an assessee and close family members, including related family entities, were not treated as loans or deposits under the relevant cash transaction provisions. The Tribunal noted that the family relationship was undisputed and applied the Gujarat High Court ratio in Dr. Rajaram L. Akhani to hold that such intra-family transactions do not fall within the mischief of the cash loan and deposit restrictions. As the statutory foundation for penalty failed, the penalties for cash acceptance and cash repayment were unsustainable and were deleted; both appeals were allowed.
Cash receipts and repayments between an assessee and close family members, including related family entities, were not treated as loans or deposits under the relevant cash transaction provisions. The Tribunal noted that the family relationship was undisputed and applied the Gujarat High Court ratio in Dr. Rajaram L. Akhani to hold that such intra-family transactions do not fall within the mischief of the cash loan and deposit restrictions. As the statutory foundation for penalty failed, the penalties for cash acceptance and cash repayment were unsustainable and were deleted; both appeals were allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4798
Join Channel
TaxTMI 
