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...
Nominee director protection shields independent financial-institution appointees from criminal liability where they lack involvement in deposit defaul...
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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