Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Unexplained money and unexplained expenses not recorded in the books of accounts u/s 69A/69C - Documents found during the search raise doubts but the same cannot be used as evidence until and unless it is supported by the corroborative material and after carrying out independent enquiries - Regarding the SMS, it does not establish that the assessee has carried out cash transactions with Venus group - revenue failed to prove the onus cast on it - AT
Unexplained money and unexplained expenses not recorded in the books of accounts u/s 69A/69C - Documents found during the search raise doubts but the same cannot be used as evidence until and unless it is supported by the corroborative material and after carrying out independent enquiries - Regarding the SMS, it does not establish that the assessee has carried out cash transactions with Venus group - revenue failed to prove the onus cast on it - AT
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