Transfer pricing comparability under TNMM: foreign exchange loss on ECB excluded from operating cost, and a functionally dissimilar comparator removed...
Fake AI-generated precedents vitiate adjudication, with unverified citations contaminating the decision-making process and undermining the rule of law...
ITAT upheld CIT(A)'s order, dismissing revenue's appeal regarding unexplained cash deposits under Section 68 and Section 115BBE. The tribunal found that the assessee substantiated the cash deposits through bank certificates and sales receipts from audited accounts. No contrary evidence was presented by the Assessing Officer challenging the source of deposits. Similarly, for disallowance under Section 40A(3), the tribunal confirmed CIT(A)'s deletion of addition due to lack of specific violation proof. The revenue's contentions were rejected, and the appeal was comprehensively dismissed.
ITAT upheld CIT(A)'s order, dismissing revenue's appeal regarding unexplained cash deposits under Section 68 and Section 115BBE. The tribunal found that the assessee substantiated the cash deposits through bank certificates and sales receipts from audited accounts. No contrary evidence was presented by the Assessing Officer challenging the source of deposits. Similarly, for disallowance under Section 40A(3), the tribunal confirmed CIT(A)'s deletion of addition due to lack of specific violation proof. The revenue's contentions were rejected, and the appeal was comprehensively dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
