Transfer-pricing aggregation of distinct support-service and subcontract transactions was rejected, while debt-free receivables attracted no notional ...
Customs exemptions cover photovoltaic assembly machinery and PVF backsheets, while fully declared cleared imports may avoid confiscation and penalties...
Specific tariff classification for LCD devices overrides treatment as electricity-meter parts, defeating differential duty, extended limitation, and p...
Stayed disciplinary punishment does not establish unfitness for insolvency professional registration; reconsideration must disregard mere pendency of ...
Indirect corporate control can create related-party status, excluding financial creditors from Committee of Creditors representation, participation an...
Scientific research association approval requires continuing SIRO status, annual donation reporting, and donor certificates for the approved foundatio...
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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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