Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
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ITAT partially allowed the assessee's appeal, restricting unexplained cash deposit additions to Rs. 5 lakhs. The tribunal found no merit in the revenue department's contentions, noting that section 115BBE was inapplicable for FY 2016-17 transactions. The enhancement made by NFAC was quashed due to lack of opportunity of being heard. The tribunal concluded that cash sales were routine for a scrap dealer and the additions were not substantiated by cogent evidence. The AO was directed to delete balance additions beyond Rs. 5 lakhs, effectively providing partial relief to the assessee.
ITAT partially allowed the assessee's appeal, restricting unexplained cash deposit additions to Rs. 5 lakhs. The tribunal found no merit in the revenue department's contentions, noting that section 115BBE was inapplicable for FY 2016-17 transactions. The enhancement made by NFAC was quashed due to lack of opportunity of being heard. The tribunal concluded that cash sales were routine for a scrap dealer and the additions were not substantiated by cogent evidence. The AO was directed to delete balance additions beyond Rs. 5 lakhs, effectively providing partial relief to the assessee.
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