Advance-ruling mechanism governs pending GST classification, exemption and taxability disputes, limiting writ review once the specialised forum functi...
Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
The Tribunal held that the assessee's cash deposits during the demonetization period were from sale proceeds and collections from sundry debtors/trade debtors. The assessee maintained proper books of accounts subjected to tax audit, and the sales were reflected and offered to tax. Adding the same again would amount to impermissible double taxation. The assessee discharged the burden of proving the source of the cash deposited, and the authorities failed to rebut it. The Tribunal found no prohibition on dealing with Specified Bank Notes until December 31, 2016, under the Specified Bank Notes (Cessation of Liabilities) Act, 2017. Consequently, the assessee's appeal was allowed.
The Tribunal held that the assessee's cash deposits during the demonetization period were from sale proceeds and collections from sundry debtors/trade debtors. The assessee maintained proper books of accounts subjected to tax audit, and the sales were reflected and offered to tax. Adding the same again would amount to impermissible double taxation. The assessee discharged the burden of proving the source of the cash deposited, and the authorities failed to rebut it. The Tribunal found no prohibition on dealing with Specified Bank Notes until December 31, 2016, under the Specified Bank Notes (Cessation of Liabilities) Act, 2017. Consequently, the assessee's appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
