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...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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 
