Additional evidence in departmental appeals may include show-cause-notice material without introducing a new case where it merely corroborates existin...
Reasoned rectification orders require consideration of expenditure disclosed in income-tax returns, preventing revision based on incomplete income com...
Modified returns after business reorganisations cannot trigger fresh scrutiny once the original assessment was complete, invalidating related transfer...
Third-party loose sheets require reliable nexus before supporting unexplained expenditure additions; presumptions do not establish payer identity or o...
TNMM comparability using audited accounts and working-capital adjustments can eliminate unwarranted transfer-pricing additions where verified margins ...
Gross-profit additions on disputed purchases require reasoned appellate determination; disclosed claims alone do not support inaccurate-particulars pe...
Limitation after transfer-pricing remand: fresh TPO reference did not extend the assessment deadline, rendering the consequential assessment time-barr...
Interim judicial restraint on tax deduction prevents default, while supporting reasonable cause and penalty deletion for foreign-leg LFC reimbursement...
Cash deposits during the demonetization period were recorded in the books of accounts, with the source maintained. The Assessing Officer invoked Section 69A and charged tax u/s 115BBE, treating the deposits as unexplained money. However, Section 69A is applicable when the assessee is the owner of money, bullion, jewelry, or valuable articles not recorded from any source. Since the cash deposits were recorded with the source maintained, invoking Section 69A was incorrect. Consequently, the addition made by the Assessing Officer is liable to be deleted, and the decision is in favor of the assessee.
Cash deposits during the demonetization period were recorded in the books of accounts, with the source maintained. The Assessing Officer invoked Section 69A and charged tax u/s 115BBE, treating the deposits as unexplained money. However, Section 69A is applicable when the assessee is the owner of money, bullion, jewelry, or valuable articles not recorded from any source. Since the cash deposits were recorded with the source maintained, invoking Section 69A was incorrect. Consequently, the addition made by the Assessing Officer is liable to be deleted, and the decision is in favor of the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4894 
