Windmill commissioning evidence supported higher depreciation where grid connection and electricity generation proved operational use before the relev...
Pharmaceutical promotion and transfer-pricing comparability principles limited disallowances, while uncorroborated search allegations and unsupported ...
Business expenditure substantiation supports scrap credits, statutory payments and expense claims, while depreciation requires proof of actual busines...
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 4803
Join Channel
TaxTMI 
