Independent manufacturing undertaking eligibility preserves Section 80IA/80IB deductions, while machinery kept ready for use qualifies for depreciatio...
Assessing Officer Satisfaction Requirement Bars Penalty for Cash Receipt in Immovable-Property Sale Cases Where Initiation Lacks Recorded Satisfaction...
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The ITAT Raipur, an Appellate Tribunal, considered an appeal regarding unexplained cash credit u/s. 68. The assessee failed to explain the nature and source of cash deposits in a jointly held bank account. The AR argued that the cash came from withdrawals/savings, not requiring an addition. The Tribunal held that since the cash deposits did not appear in the assessee's "books of account," u/s. 68 did not apply. Citing a jurisdictional defect, the Tribunal vacated the addition, following precedent from CIT v. Bhaichand H. Gandhi. Decision favored the assessee.
The ITAT Raipur, an Appellate Tribunal, considered an appeal regarding unexplained cash credit u/s. 68. The assessee failed to explain the nature and source of cash deposits in a jointly held bank account. The AR argued that the cash came from withdrawals/savings, not requiring an addition. The Tribunal held that since the cash deposits did not appear in the assessee's "books of account," u/s. 68 did not apply. Citing a jurisdictional defect, the Tribunal vacated the addition, following precedent from CIT v. Bhaichand H. Gandhi. Decision favored the assessee.
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