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Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
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Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Deposits by the assessee in bank account during demonetization period were not unexplained. Section 69A is inapplicable as there were proper entries for cash sales, cash balance, and deposits in assessee's books of accounts. Cash sales against issued cash memos and immediate delivery cannot be considered unexplained money. Authorities did not find defects in books or abnormal increase in cash sales/balance before demonetization. Section 115BBE, applicable on income u/ss 68-69D, is inapplicable since source of cash deposits is business income. Assessee discharged initial burden by explaining source as cash sales credited in books, supported by evidence. Onus shifted to department to prove deposits represent undisclosed income, which department failed. Relying on Supreme Court's judgment in CIT vs. Orissa Corporation, ITAT allowed assessee's ground against CIT(A)'s findings.
Deposits by the assessee in bank account during demonetization period were not unexplained. Section 69A is inapplicable as there were proper entries for cash sales, cash balance, and deposits in assessee's books of accounts. Cash sales against issued cash memos and immediate delivery cannot be considered unexplained money. Authorities did not find defects in books or abnormal increase in cash sales/balance before demonetization. Section 115BBE, applicable on income u/ss 68-69D, is inapplicable since source of cash deposits is business income. Assessee discharged initial burden by explaining source as cash sales credited in books, supported by evidence. Onus shifted to department to prove deposits represent undisclosed income, which department failed. Relying on Supreme Court's judgment in CIT vs. Orissa Corporation, ITAT allowed assessee's ground against CIT(A)'s findings.
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