Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
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Protective additions based on alleged accommodation entries in wool trading could not survive after the substantive addition in M/s RNB Overseas Pvt. Ltd. was deleted on merits; the related commission addition, being only consequential, also failed. The Tribunal further held that bank deposit additions in completed assessments could not be made under search-assessment powers without seized incriminating material, and bank accounts or statements not found in the search were insufficient for that purpose. Deletions of both the protective and bank deposit additions were therefore upheld, and the Revenue's appeals were dismissed.
Protective additions based on alleged accommodation entries in wool trading could not survive after the substantive addition in M/s RNB Overseas Pvt. Ltd. was deleted on merits; the related commission addition, being only consequential, also failed. The Tribunal further held that bank deposit additions in completed assessments could not be made under search-assessment powers without seized incriminating material, and bank accounts or statements not found in the search were insufficient for that purpose. Deletions of both the protective and bank deposit additions were therefore upheld, and the Revenue's appeals were dismissed.
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