Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequent...
Preventive suspension requires an immediate continuing threat and cannot become indefinite without inquiry, fresh evidence, or proportionate safeguard...
The assessee, engaged in trading gold, silver, and diamond jewelry, witnessed a substantial increase in cash sales during October and the first week of November 2016 due to Dussehra and Diwali festivals. After demonetization on November 8, 2016, jewelers opened shutters and made substantial sales from 8:30 PM to 12:00 AM. The assessee filed purchase and sale registers, stock summary, returns, and explained the cash deposit, discharging the onus of proving genuineness. The Appellate Tribunal observed that the increase in cash sales was due to festival occasions, and people chose to purchase jewelry with cash. Consequently, the addition u/s 69A was unjustified, and the decision favored the assessee.
The assessee, engaged in trading gold, silver, and diamond jewelry, witnessed a substantial increase in cash sales during October and the first week of November 2016 due to Dussehra and Diwali festivals. After demonetization on November 8, 2016, jewelers opened shutters and made substantial sales from 8:30 PM to 12:00 AM. The assessee filed purchase and sale registers, stock summary, returns, and explained the cash deposit, discharging the onus of proving genuineness. The Appellate Tribunal observed that the increase in cash sales was due to festival occasions, and people chose to purchase jewelry with cash. Consequently, the addition u/s 69A was unjustified, and the decision favored the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
