SEZ-unit profit deduction covers voluntary transfer-pricing adjustments, while exempt-income costs, foreign-exchange loss and ITeS comparables are exa...
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The ITAT held that the reopening of assessment u/s 147 based on cash deposits during the year was invalid. The assessee demonstrated the source of cash deposits by proving withdrawal of Rs. 20 lakhs earlier, which was used for subsequent deposits from 28.10.2010 to 15.03.2011. Consequently, the ITAT allowed the assessee's grounds and deleted the addition made u/s 69A using the peak credit method.
The ITAT held that the reopening of assessment u/s 147 based on cash deposits during the year was invalid. The assessee demonstrated the source of cash deposits by proving withdrawal of Rs. 20 lakhs earlier, which was used for subsequent deposits from 28.10.2010 to 15.03.2011. Consequently, the ITAT allowed the assessee's grounds and deleted the addition made u/s 69A using the peak credit method.
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