Social forestry expenditure requires activity-based classification, limiting book-profit adjustments and preserving penalty relief where normal additi...
Inaccurate-particulars penalties fail where transfer-pricing documentation shows good faith and due diligence, and underlying capital-gains additions ...
Transfer-pricing tolerance for software sub-licensing falls within the services range, eliminating the adjustment and requiring TDS-credit verificatio...
Customs Broker due diligence requires prescribed KYC, not detecting misdeclarations discoverable only through physical examination, defeating licence ...
Recorded cash sales deposited during demonetisation cannot be treated as unexplained where books, sale bills, stock records and cash balances are accepted, since this would tax the same receipts twice. Rental income reflected in Form 26AS requires reconciliation and verification, with corresponding relief or tax credit where warranted. Business expenditure remains disallowable where the claim that tax withholding was unnecessary is unsupported. A challenge to penalty initiation before a penalty order is premature. Alleged unexplained receipts in a running account must account for debit entries and repayments rather than aggregate gross receipts. Reversal of overdraft interest is not taxable as cessation of liability when only net interest was debited and the reversed amount was not separately claimed.
Recorded cash sales deposited during demonetisation cannot be treated as unexplained where books, sale bills, stock records and cash balances are accepted, since this would tax the same receipts twice. Rental income reflected in Form 26AS requires reconciliation and verification, with corresponding relief or tax credit where warranted. Business expenditure remains disallowable where the claim that tax withholding was unnecessary is unsupported. A challenge to penalty initiation before a penalty order is premature. Alleged unexplained receipts in a running account must account for debit entries and repayments rather than aggregate gross receipts. Reversal of overdraft interest is not taxable as cessation of liability when only net interest was debited and the reversed amount was not separately claimed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4891 
