Independent show-cause notices remain separate proceedings, while customs adjudication challenges should ordinarily follow the statutory appellate rem...
Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
Interactive touchscreen panels with integrated computing functions fall under automatic data-processing machines rather than display monitors for cust...
Ex parte injunction service requirements were substantially met, while civil recovery and SFIO investigation into provident fund defalcation continued...
Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
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The assessee's unexplained cash credits u/s 68 were deleted by the CIT(A) after accepting the submissions that the cash receipts from various sources like cash sales, realization of outstanding debtors, and current year debtors matched with the VAT returns. The Tribunal noted that the assessee explained the cash deposits in specified bank notes (SBNs) received during demonetization, arising from cash sales during the relevant assessment year, realization of outstanding debtors from previous years, and current year debtors, as per the books of accounts. The assessee reconciled the cash sales, outstanding debtors with the VAT returns. Although the turnover increased significantly, the cash realization through sales and debtors was not abnormal. The assessee filed confirmed account statements before the Tribunal. Since the books of accounts and VAT returns were accepted, and no defect was found in the cash generation before November 8, 2016, the Tribunal held that the cash deposited in SBNs during demonetization stood explained. Relying on a precedent, the Tribunal ruled that SBNs cannot be added when the source of cash is explained. Consequently, the CIT(A)'s order was upheld, and the Revenue's appeal was dismissed.
The assessee's unexplained cash credits u/s 68 were deleted by the CIT(A) after accepting the submissions that the cash receipts from various sources like cash sales, realization of outstanding debtors, and current year debtors matched with the VAT returns. The Tribunal noted that the assessee explained the cash deposits in specified bank notes (SBNs) received during demonetization, arising from cash sales during the relevant assessment year, realization of outstanding debtors from previous years, and current year debtors, as per the books of accounts. The assessee reconciled the cash sales, outstanding debtors with the VAT returns. Although the turnover increased significantly, the cash realization through sales and debtors was not abnormal. The assessee filed confirmed account statements before the Tribunal. Since the books of accounts and VAT returns were accepted, and no defect was found in the cash generation before November 8, 2016, the Tribunal held that the cash deposited in SBNs during demonetization stood explained. Relying on a precedent, the Tribunal ruled that SBNs cannot be added when the source of cash is explained. Consequently, the CIT(A)'s order was upheld, and the Revenue's appeal was dismissed.
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