Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
Assessee, a distributor of SIM cards and vouchers for Vodafone Mobile Services Limited, earned commission on sales to retail shops. Cash deposits were considered business receipts reinvested in purchasing new SIM cards and vouchers, with consistent fund rotation reflected in bank statements provided to authorities. CIT(A) erred in treating entire sales as income without considering business turnover and payments to Vodafone. ITAT directed AO to calculate estimated profit at 1% on transactions, quashing addition u/s 69A as source of deposits was established. Interest u/ss 234A, 234B, and 234C was denied due to income below taxable limit. ITAT emphasized careful handling of such cases by AOs as adjudicators and investigators. Assessee's appeal was allowed, providing relief from addition of Rs. 1,51,77,749.
Assessee, a distributor of SIM cards and vouchers for Vodafone Mobile Services Limited, earned commission on sales to retail shops. Cash deposits were considered business receipts reinvested in purchasing new SIM cards and vouchers, with consistent fund rotation reflected in bank statements provided to authorities. CIT(A) erred in treating entire sales as income without considering business turnover and payments to Vodafone. ITAT directed AO to calculate estimated profit at 1% on transactions, quashing addition u/s 69A as source of deposits was established. Interest u/ss 234A, 234B, and 234C was denied due to income below taxable limit. ITAT emphasized careful handling of such cases by AOs as adjudicators and investigators. Assessee's appeal was allowed, providing relief from addition of Rs. 1,51,77,749.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
