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 Delhi addressed the issue of addition u/s 68 for unexplained cash deposits in demonetized currency. The appellant demonstrated substantial cash sales supported by audited books, invoices, VAT records, and stock tally. The CIT(A) confirmed the regularity of cash sales over multiple assessment years. The tribunal found no defects in sales, purchases, or stock records, with substantial cash sales in all years. The AO accepted most sales except for a specific period. The tribunal upheld the CIT(A)'s decision, citing precedents, and dismissed the Revenue's appeal after thorough review of the record and arguments.
The ITAT Delhi addressed the issue of addition u/s 68 for unexplained cash deposits in demonetized currency. The appellant demonstrated substantial cash sales supported by audited books, invoices, VAT records, and stock tally. The CIT(A) confirmed the regularity of cash sales over multiple assessment years. The tribunal found no defects in sales, purchases, or stock records, with substantial cash sales in all years. The AO accepted most sales except for a specific period. The tribunal upheld the CIT(A)'s decision, citing precedents, and dismissed the Revenue's appeal after thorough review of the record and arguments.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4788
Join Channel
TaxTMI 
