Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
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The substituted definition of "specified sum" in the Explanation to the cash-receipt provision, introduced by the Finance Act, 2023 with effect from 01.04.2023, could not be applied to assessment year 2013-14. The Tribunal held that the Assessing Officer's reliance on that amended definition for cash advances received in a residential project was legally impermissible. As a result, the application of the cash-acceptance provision to the transaction was authority of law, and the consequential penalty for such cash acceptance could not survive; the penalty and appellate orders were quashed.
The substituted definition of "specified sum" in the Explanation to the cash-receipt provision, introduced by the Finance Act, 2023 with effect from 01.04.2023, could not be applied to assessment year 2013-14. The Tribunal held that the Assessing Officer's reliance on that amended definition for cash advances received in a residential project was legally impermissible. As a result, the application of the cash-acceptance provision to the transaction was authority of law, and the consequential penalty for such cash acceptance could not survive; the penalty and appellate orders were quashed.
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