Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
The ITAT Surat dealt with a case involving unexplained credit u/s 68. The assessee received a commission of 0.50% per Rs. 100 but failed to provide details of transactions or persons involved. The Tribunal noted the absence of specific details and the peculiar nature of the business. Previous cases were cited where additions were restricted to 0.125% to 0.35%. Following a consistent approach, the Tribunal limited the addition to Rs. 75 per lakh, equivalent to 0.75% for Rs. 100. The total credit in the bank account was found to be Rs. 2.07 crores after considering cheque and cash deposits. The Tribunal allowed the appeal partly, directing the assessing officer to adjust the assessment accordingly.
The ITAT Surat dealt with a case involving unexplained credit u/s 68. The assessee received a commission of 0.50% per Rs. 100 but failed to provide details of transactions or persons involved. The Tribunal noted the absence of specific details and the peculiar nature of the business. Previous cases were cited where additions were restricted to 0.125% to 0.35%. Following a consistent approach, the Tribunal limited the addition to Rs. 75 per lakh, equivalent to 0.75% for Rs. 100. The total credit in the bank account was found to be Rs. 2.07 crores after considering cheque and cash deposits. The Tribunal allowed the appeal partly, directing the assessing officer to adjust the assessment accordingly.
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