Blocked input tax credit for resort construction remains unavailable; interest follows actual utilisation, while delayed payment attracts statutory pe...
Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
The ITAT Delhi held that no addition u/s 68 was warranted as there was no abnormal jump in sales, with audited results and profits undisputed. The difference in cash deposits was found to be reconciled, leading to allowance of the assessee's appeal. Regarding disallowance u/s 40A(3) for cash purchases over Rs. 20,000, it was noted that no specific instances were provided by the AO, and the total cash purchases were deemed reasonable at 2.6% of turnover. As no contravention of Section 40A(3) was evidenced, the appeal of the assessee was allowed.
The ITAT Delhi held that no addition u/s 68 was warranted as there was no abnormal jump in sales, with audited results and profits undisputed. The difference in cash deposits was found to be reconciled, leading to allowance of the assessee's appeal. Regarding disallowance u/s 40A(3) for cash purchases over Rs. 20,000, it was noted that no specific instances were provided by the AO, and the total cash purchases were deemed reasonable at 2.6% of turnover. As no contravention of Section 40A(3) was evidenced, the appeal of the assessee was allowed.
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