Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
In a dispute before ITAT regarding income classification, the tribunal examined a broker's ledger account with a debit balance. The tribunal determined that the debit balance represented a future and options (F & O) bill credit margin, indicating the broker was expecting payment from the assessee. Correspondingly, the assessee's accounts showed a matching credit balance representing a liability to the broker. Consequently, the tribunal ruled that the debit balance cannot be construed as the assessee's income. The tribunal deleted the contested income addition and allowed the assessee's appeal, affirming the principle that ledger entries reflecting pending financial transactions do not constitute taxable income.
In a dispute before ITAT regarding income classification, the tribunal examined a broker's ledger account with a debit balance. The tribunal determined that the debit balance represented a future and options (F & O) bill credit margin, indicating the broker was expecting payment from the assessee. Correspondingly, the assessee's accounts showed a matching credit balance representing a liability to the broker. Consequently, the tribunal ruled that the debit balance cannot be construed as the assessee's income. The tribunal deleted the contested income addition and allowed the assessee's appeal, affirming the principle that ledger entries reflecting pending financial transactions do not constitute taxable income.
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