Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
Cash deposits in bank accounts were challenged by AO under section 69A as unexplained. Assessee demonstrated deposits originated from legitimate cash sales recorded in books of account, with complete documentation of purchases, sales, and inventory details. ITAT held that since individual cash transactions were below Rs. 2 lakh threshold, no customer PAN details were required. The tribunal accepted assessee's explanation that deposits during April-May 2019 were from regular business operations. CIT(A)/NFAC's reasoning was upheld, concluding section 69A provisions were inapplicable given proper documentation of source. Revenue's appeal dismissed as assessee successfully established nature and source of deposits through verifiable business records.
Cash deposits in bank accounts were challenged by AO under section 69A as unexplained. Assessee demonstrated deposits originated from legitimate cash sales recorded in books of account, with complete documentation of purchases, sales, and inventory details. ITAT held that since individual cash transactions were below Rs. 2 lakh threshold, no customer PAN details were required. The tribunal accepted assessee's explanation that deposits during April-May 2019 were from regular business operations. CIT(A)/NFAC's reasoning was upheld, concluding section 69A provisions were inapplicable given proper documentation of source. Revenue's appeal dismissed as assessee successfully established nature and source of deposits through verifiable business records.
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