Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
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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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