Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
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.
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