Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
The ITAT Delhi ruled on an appeal regarding addition u/s 68 r.w.s. 115BBE for unexplained cash deposits during demonetization. The assessee explained that the deposits were from sale proceeds and past savings. The tribunal held that the AO did not find any discrepancies in the recorded purchases, sales, and stocks. Without evidence of non-genuine transactions or book rejection, assuming cash deposits based on higher turnover is unjustified. Therefore, the addition u/s 68 was deleted in favor of the assessee.
The ITAT Delhi ruled on an appeal regarding addition u/s 68 r.w.s. 115BBE for unexplained cash deposits during demonetization. The assessee explained that the deposits were from sale proceeds and past savings. The tribunal held that the AO did not find any discrepancies in the recorded purchases, sales, and stocks. Without evidence of non-genuine transactions or book rejection, assuming cash deposits based on higher turnover is unjustified. Therefore, the addition u/s 68 was deleted in favor of the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
