Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
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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