Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
ITAT allowed the appeal of the assessee, holding that additions under section 69A read with section 115BBE based solely on bank cash deposits were unsustainable where the assessee had declared income under presumptive taxation u/s 44AD and was not obliged to maintain detailed books. The Tribunal accepted contemporaneous cash-flow statements, month-wise cash sales and deposit analyses, and comparative business trends showing proportionate growth and heightened cash activity surrounding demonetisation. Given the jewellery-trading nature in a rural area with limited digital infrastructure and absence of any specific incriminating material from the Revenue disproving the explanations, the AO's addition was deleted and the reassessment based on unexplained cash deposits dismissed.
ITAT allowed the appeal of the assessee, holding that additions under section 69A read with section 115BBE based solely on bank cash deposits were unsustainable where the assessee had declared income under presumptive taxation u/s 44AD and was not obliged to maintain detailed books. The Tribunal accepted contemporaneous cash-flow statements, month-wise cash sales and deposit analyses, and comparative business trends showing proportionate growth and heightened cash activity surrounding demonetisation. Given the jewellery-trading nature in a rural area with limited digital infrastructure and absence of any specific incriminating material from the Revenue disproving the explanations, the AO's addition was deleted and the reassessment based on unexplained cash deposits dismissed.
Note: It is a system-generated summary and is for quick reference only.