Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
Customs Cargo Service Provider appointment extends custodianship to additional terminal land, subject to cargo-control, security and licence condition...
Post-search scrutiny assessment remains available where original assessment limitation is unexpired, permitting timely completion under regular assess...
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 4798
Join Channel
TaxTMI 
