Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
ITAT dismissed the Revenue's appeal and upheld the deletion of addition u/s 68 r.w.s. 115BBE on cash deposits of specified bank notes during demonetisation. The Tribunal held that the impugned cash deposits represented recorded sales already credited to the Profit & Loss account, duly reflected in audited books and VAT/Sales Tax returns, with no rejection of books or discrepancy in sales, purchases or stock by the AO. Since the sales were accepted as genuine and payments for purchases were routed through banking channels, invoking s.68 would result in impermissible double addition. The order of CIT(A) deleting the addition was affirmed.
ITAT dismissed the Revenue's appeal and upheld the deletion of addition u/s 68 r.w.s. 115BBE on cash deposits of specified bank notes during demonetisation. The Tribunal held that the impugned cash deposits represented recorded sales already credited to the Profit & Loss account, duly reflected in audited books and VAT/Sales Tax returns, with no rejection of books or discrepancy in sales, purchases or stock by the AO. Since the sales were accepted as genuine and payments for purchases were routed through banking channels, invoking s.68 would result in impermissible double addition. The order of CIT(A) deleting the addition was affirmed.
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