Pharmaceutical promotion and transfer-pricing comparability principles limited disallowances, while uncorroborated search allegations and unsupported ...
Business expenditure substantiation supports scrap credits, statutory payments and expense claims, while depreciation requires proof of actual busines...
The Appellate Tribunal held that the addition u/s 56(2)(vii) or 28(iv) was unjustified, as the purchase was made with consideration, cheques were given to sellers with some not cleared due to property litigation. The addition u/s 69 for unexplained deposits was deleted, as cash withdrawals from one bank provided a source for deposits in another, AO's reasons were vague. The addition for cash-receipts as unexplained was also deleted, as taxable receipts were part of sale-proceeds duly assessed. Addition on account of cash-receipt for Godamaru was deleted, as money was refunded due to deal cancellation. The issue of advance for Badwai was remitted to AO for verification in a subsequent assessment year.
The Appellate Tribunal held that the addition u/s 56(2)(vii) or 28(iv) was unjustified, as the purchase was made with consideration, cheques were given to sellers with some not cleared due to property litigation. The addition u/s 69 for unexplained deposits was deleted, as cash withdrawals from one bank provided a source for deposits in another, AO's reasons were vague. The addition for cash-receipts as unexplained was also deleted, as taxable receipts were part of sale-proceeds duly assessed. Addition on account of cash-receipt for Godamaru was deleted, as money was refunded due to deal cancellation. The issue of advance for Badwai was remitted to AO for verification in a subsequent assessment year.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4800
Join Channel
TaxTMI 
