PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
ITAT reversed addition made u/s 69A regarding cash deposits during demonetization period. Assessee's regular books of accounts showed recorded sales proceeds, validated by VAT assessment authorities. Sufficient stock inventory supported legitimate sales transactions during the period. No evidence of fictitious purchases or sales to justify cash deposits was established by AO. CIT(A)'s confirmation of addition deemed legally unsustainable. Consequently, application of higher tax rate u/s 115BBE rejected. The tribunal found no basis for treating bank deposits as unexplained money u/s 69A, given proper documentation and business authenticity. Addition deleted in favor of assessee.
ITAT reversed addition made u/s 69A regarding cash deposits during demonetization period. Assessee's regular books of accounts showed recorded sales proceeds, validated by VAT assessment authorities. Sufficient stock inventory supported legitimate sales transactions during the period. No evidence of fictitious purchases or sales to justify cash deposits was established by AO. CIT(A)'s confirmation of addition deemed legally unsustainable. Consequently, application of higher tax rate u/s 115BBE rejected. The tribunal found no basis for treating bank deposits as unexplained money u/s 69A, given proper documentation and business authenticity. Addition deleted in favor of assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
