Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
ITAT partially allowed appeal concerning assessment year 2013-14. Given assessee's cash-based business nature and bank deposits consistent with disclosed turnover, complete disallowance of cash deposits was deemed excessive. While assessee provided ledger copies for land purchases, documentation was insufficient per AO requirements. ITAT estimated income at 10% of total turnover (Rs. 2,23,77,000/-) as reasonable resolution. Based on bank certificate evidencing principal repayment of Rs. 72,643/- and interest of Rs. 3,59,357/-, tribunal directed AO to allow deductions under s.80-C and interest on self-occupied property. Matter resolved balancing business realities with compliance requirements.
ITAT partially allowed appeal concerning assessment year 2013-14. Given assessee's cash-based business nature and bank deposits consistent with disclosed turnover, complete disallowance of cash deposits was deemed excessive. While assessee provided ledger copies for land purchases, documentation was insufficient per AO requirements. ITAT estimated income at 10% of total turnover (Rs. 2,23,77,000/-) as reasonable resolution. Based on bank certificate evidencing principal repayment of Rs. 72,643/- and interest of Rs. 3,59,357/-, tribunal directed AO to allow deductions under s.80-C and interest on self-occupied property. Matter resolved balancing business realities with compliance requirements.
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