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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...
Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
The assessee's appeal was allowed and the addition was deleted. The authorities failed to analyze the assessee's specific stand and incorrectly assumed availability of unexplained cash credit. The AO's findings regarding abnormal cash deposit trend during demonetization and earlier months were incorrect, as demonstrated by the assessee's tabulated details showing gradual increase in turnover. The AO did not visualize the circumstances during demonetization, where all amounts had to be routed through bank accounts. The CIT(A) reduced the quantum addition but adopted a different analogy, calculating cash availability based on turnover increase without analyzing purchases and resulting profit. The ITAT held that the addition was unsustainable, as the authorities did not examine whether the profit ratio could be swindled to that magnitude, and books of account should not have been rejected.
The assessee's appeal was allowed and the addition was deleted. The authorities failed to analyze the assessee's specific stand and incorrectly assumed availability of unexplained cash credit. The AO's findings regarding abnormal cash deposit trend during demonetization and earlier months were incorrect, as demonstrated by the assessee's tabulated details showing gradual increase in turnover. The AO did not visualize the circumstances during demonetization, where all amounts had to be routed through bank accounts. The CIT(A) reduced the quantum addition but adopted a different analogy, calculating cash availability based on turnover increase without analyzing purchases and resulting profit. The ITAT held that the addition was unsustainable, as the authorities did not examine whether the profit ratio could be swindled to that magnitude, and books of account should not have been rejected.
Note: It is a system-generated summary and is for quick reference only.
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