Inverted-duty-structure refunds remain available for unchanged-rate apparel supplies despite trader status and require tax-period-specific computation...
Foundational assessment satisfaction is essential before initiating penalty for cash receipt of immovable-property sale consideration under section 27...
Tax collection at source on purchases removes duplicate withholding obligation, while trade-creditor evidence requires verification before unexplained...
Transfer-pricing comparability requires material turnover effects; adjustments must cover only associated-enterprise transactions and exclude abnormal...
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Deemed dividend u/s 2(22)(e) - amount received as part of salary/remuneration paid to the assessee - The ITAT examined the statements recorded during the survey and the impounded trial balance. It noted that while the appellant claimed the amount was received as advance against remuneration, the trial balance showed the amount under the head of short term loan & advance. However, the Tribunal observed that the books of accounts were incomplete at the time of the survey, and entries made by the junior accountant were not approved by management. - The tribunal accepted the argument that the company had deducted TDS on remuneration paid. - The ITAT held that since the appellant had already accounted for the disputed amount in their income tax return and paid tax on it, there would be double taxation if the amount was treated as deemed dividend.
Deemed dividend u/s 2(22)(e) - amount received as part of salary/remuneration paid to the assessee - The ITAT examined the statements recorded during the survey and the impounded trial balance. It noted that while the appellant claimed the amount was received as advance against remuneration, the trial balance showed the amount under the head of short term loan & advance. However, the Tribunal observed that the books of accounts were incomplete at the time of the survey, and entries made by the junior accountant were not approved by management. - The tribunal accepted the argument that the company had deducted TDS on remuneration paid. - The ITAT held that since the appellant had already accounted for the disputed amount in their income tax return and paid tax on it, there would be double taxation if the amount was treated as deemed dividend.
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