Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
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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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