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...
Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
Page of 4881
Press 'Enter' after typing page number.
41 to 60 of 97618 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4881 
