Interactive flat panels meeting automatic data processing conditions are distinguished from monitors, while later classification clarifications apply ...
Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
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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