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...
The ITAT Jaipur, in a case involving unexplained money u/s 69A, found that the assessee, a widow running a medical retail store, deposited cash exceeding turnover. The cash was a combination of sales proceeds, loan, and turnover. The assessee, facing health challenges, relied on an accountant for tax filings. The Tribunal admitted additional evidence supporting the assessee's claim, directing the AO to compute cash credits vis-a-vis turnover. The turnover was to be examined based on corroborative evidence, with profit taxed at 8% u/s 44AD due to lack of comparative data. The AO was instructed to verify turnover using bank statements and the assessee to provide relevant documents. The appeal was allowed in favor of the assessee.
The ITAT Jaipur, in a case involving unexplained money u/s 69A, found that the assessee, a widow running a medical retail store, deposited cash exceeding turnover. The cash was a combination of sales proceeds, loan, and turnover. The assessee, facing health challenges, relied on an accountant for tax filings. The Tribunal admitted additional evidence supporting the assessee's claim, directing the AO to compute cash credits vis-a-vis turnover. The turnover was to be examined based on corroborative evidence, with profit taxed at 8% u/s 44AD due to lack of comparative data. The AO was instructed to verify turnover using bank statements and the assessee to provide relevant documents. The appeal was allowed in favor of the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4894 
