Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
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 
