Invoice-based recovery claims remain time-barred despite separate winding-up proceedings, absent valid acknowledgment or part-payment of the disputed ...
Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
Page of 4792
Press 'Enter' after typing page number.
61 to 80 of 95833 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 Jodhpur allowed admission of additional evidence u/r 46A of IT Rules by CIT(A) to delete addition on merits. The tribunal found merit in the evidence provided by the assessee regarding sales of bullion, criticizing the AO for not seeking further details. The revenue's objection to non-admission of evidence due to lack of documentation was dismissed. The CIT(A) rightly admitted additional evidence, rejecting the department's objection. Regarding unexplained cash deposits u/s 69A, the appellant explained deposits as sale proceeds from bullion trading, earning a 1% commission. The tribunal upheld CIT(A)'s decision to apply a net profit rate of 1% on total deposits, considering the nature of the business and standard accounting principles. CIT(A) applied a net profit rate of 1.2% to cover possible revenue leakages, which was deemed fair and reasonable. The tribunal upheld the application of the 1.2% NP rate for estimating commission earned on bullion sales.
The ITAT Jodhpur allowed admission of additional evidence u/r 46A of IT Rules by CIT(A) to delete addition on merits. The tribunal found merit in the evidence provided by the assessee regarding sales of bullion, criticizing the AO for not seeking further details. The revenue's objection to non-admission of evidence due to lack of documentation was dismissed. The CIT(A) rightly admitted additional evidence, rejecting the department's objection. Regarding unexplained cash deposits u/s 69A, the appellant explained deposits as sale proceeds from bullion trading, earning a 1% commission. The tribunal upheld CIT(A)'s decision to apply a net profit rate of 1% on total deposits, considering the nature of the business and standard accounting principles. CIT(A) applied a net profit rate of 1.2% to cover possible revenue leakages, which was deemed fair and reasonable. The tribunal upheld the application of the 1.2% NP rate for estimating commission earned on bullion sales.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
