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 examined unexplained cash credits under s.69A r/w 115BBE. Tribunal validated partnership withdrawals based on capital account records of Sai Samarth Plaza. Regarding cash advances, assessee provided affidavits from 17 persons confirming pre-demonetization payments with identity proof. Revenue's failure to verify claims through s.131 statements worked in assessee's favor despite sub-20,000 daily transactions raising suspicion. However, claim of Rs. 3,14,500 as receivables recovery was rejected due to absence of bifurcation in IT return for AY 2016-17 and lack of concrete evidence proving genuineness of sundry debtors, despite assessee falling under Presumptive Taxation Scheme. Addition partially sustained.
ITAT examined unexplained cash credits under s.69A r/w 115BBE. Tribunal validated partnership withdrawals based on capital account records of Sai Samarth Plaza. Regarding cash advances, assessee provided affidavits from 17 persons confirming pre-demonetization payments with identity proof. Revenue's failure to verify claims through s.131 statements worked in assessee's favor despite sub-20,000 daily transactions raising suspicion. However, claim of Rs. 3,14,500 as receivables recovery was rejected due to absence of bifurcation in IT return for AY 2016-17 and lack of concrete evidence proving genuineness of sundry debtors, despite assessee falling under Presumptive Taxation Scheme. Addition partially sustained.
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