Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
