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 the appeal concerning unexplained cash deposits under section 69A r.w.s 115BBE. The appellant claimed exemption for cash gifts received from relatives on occasions like marriage anniversaries, Diwali, and birthdays. While the Tribunal acknowledged Indian custom of giving gifts on such occasions, it noted the appellant failed to explain why Rs. 3,50,000 was deposited by Sh. Sandeep Sharma in her account and why such customary gifts weren't regularly deposited in previous years. Considering these factors, ITAT accepted half of the contested amount as exempted customary gifts and deleted half of the addition made by the AO, thus partially allowing the appeal.
ITAT partially allowed the appeal concerning unexplained cash deposits under section 69A r.w.s 115BBE. The appellant claimed exemption for cash gifts received from relatives on occasions like marriage anniversaries, Diwali, and birthdays. While the Tribunal acknowledged Indian custom of giving gifts on such occasions, it noted the appellant failed to explain why Rs. 3,50,000 was deposited by Sh. Sandeep Sharma in her account and why such customary gifts weren't regularly deposited in previous years. Considering these factors, ITAT accepted half of the contested amount as exempted customary gifts and deleted half of the addition made by the AO, thus partially allowing the appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
