Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
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 
of 4805
Join Channel
TaxTMI 
