Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Composite inpatient healthcare supply may retain exemption despite MRP medicine billing, while separate taxable sale characterisation remains disputed...
Validity of reopening the assessment u/s 147 - Additions u/s 68 and u/s 69A - Cash deposits in assessee’s bank account - The ITAT observed that, the AO was satisfied that the assessee owned agricultural land and sold the same during this assessment year - The Tribunal concluded that the reopening of the assessment was valid, but the additions made by the AO and CIT(A) were not justified as the assessee had sufficiently explained the source of cash deposits. The appeal was partly allowed, and the additions made u/s 68 and 69A were set aside.
Validity of reopening the assessment u/s 147 - Additions u/s 68 and u/s 69A - Cash deposits in assessee’s bank account - The ITAT observed that, the AO was satisfied that the assessee owned agricultural land and sold the same during this assessment year - The Tribunal concluded that the reopening of the assessment was valid, but the additions made by the AO and CIT(A) were not justified as the assessee had sufficiently explained the source of cash deposits. The appeal was partly allowed, and the additions made u/s 68 and 69A were set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
