Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
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ITAT upheld addition under section 68 regarding unexplained cash deposits of Rs. 78,00,000/- as assessee failed to provide satisfactory explanation or supporting documentation despite opportunities from AO and CIT(A). Assessee's alternative plea to apply 8% presumptive taxation under section 44AD was rejected as turnover exceeded eligible threshold of Rs. 60 lakh. However, ITAT deleted AO's addition of 8% presumptive tax on remaining turnover of Rs. 28,14,676/-, accepting explanation that deposits originated from assessee's business profits and father's savings/business accruals. Tribunal found father's business history with turnover between Rs. 51-62 lakh made explanation plausible. Appeal partially allowed with respect to smaller cash deposits while maintaining primary addition under section 68.
ITAT upheld addition under section 68 regarding unexplained cash deposits of Rs. 78,00,000/- as assessee failed to provide satisfactory explanation or supporting documentation despite opportunities from AO and CIT(A). Assessee's alternative plea to apply 8% presumptive taxation under section 44AD was rejected as turnover exceeded eligible threshold of Rs. 60 lakh. However, ITAT deleted AO's addition of 8% presumptive tax on remaining turnover of Rs. 28,14,676/-, accepting explanation that deposits originated from assessee's business profits and father's savings/business accruals. Tribunal found father's business history with turnover between Rs. 51-62 lakh made explanation plausible. Appeal partially allowed with respect to smaller cash deposits while maintaining primary addition under section 68.
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