SEZ-unit profit deduction covers voluntary transfer-pricing adjustments, while exempt-income costs, foreign-exchange loss and ITeS comparables are exa...
Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
The High Court dealt with a case involving unexplained cash credit u/s 68 of the Income Tax Act. The assessee had surrendered unaccounted income during a survey, which was offered for tax. The ITAT deleted the addition, allowing telescopic benefit by linking surrendered income to cash deposits in the bank account as maturity proceeds of hundies. ITAT's decision was based on thorough analysis of facts, documents, and evidence. The High Court upheld ITAT's findings, stating no legal error was found. The benefit of telescoping was justified as per precedent. The department failed to prove the source of bank deposits was related to a scam. No substantial question of law arose, and the appeal was decided against the revenue.
The High Court dealt with a case involving unexplained cash credit u/s 68 of the Income Tax Act. The assessee had surrendered unaccounted income during a survey, which was offered for tax. The ITAT deleted the addition, allowing telescopic benefit by linking surrendered income to cash deposits in the bank account as maturity proceeds of hundies. ITAT's decision was based on thorough analysis of facts, documents, and evidence. The High Court upheld ITAT's findings, stating no legal error was found. The benefit of telescoping was justified as per precedent. The department failed to prove the source of bank deposits was related to a scam. No substantial question of law arose, and the appeal was decided against the revenue.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4879 
