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...
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The ITAT considered the issue of cash deposits and other credits in the assessee's saving bank account. The tribunal noted that the cash deposits were not made in a single day but over various occasions, with some amounts transferred to a current account. The assessee claimed the cash came from selling PVC and iron scrap purchased with deposited funds. As the assessee had no other income besides business and capital gains, the cash deposits were deemed business receipts. Due to lack of accounting books, the tribunal applied the peak theory to tax only the peak cash deposit of Rs. 9,70,000, following legal precedents like Godhra Electricity Co. Ltd and Excel Industries Ltd. Grounds No. 3 & 5 were partly allowed based on this analysis.
The ITAT considered the issue of cash deposits and other credits in the assessee's saving bank account. The tribunal noted that the cash deposits were not made in a single day but over various occasions, with some amounts transferred to a current account. The assessee claimed the cash came from selling PVC and iron scrap purchased with deposited funds. As the assessee had no other income besides business and capital gains, the cash deposits were deemed business receipts. Due to lack of accounting books, the tribunal applied the peak theory to tax only the peak cash deposit of Rs. 9,70,000, following legal precedents like Godhra Electricity Co. Ltd and Excel Industries Ltd. Grounds No. 3 & 5 were partly allowed based on this analysis.
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