Reverse charge and assignment of royalty collection: exemption for excess royalty collectors subject to reconciliation; leaseholders remain liable und...
Authorization requirements for customs brokers and benami shipping bills: tribunal upholds licence revocation and penalties after COVID time limit fou...
Eligibility for notification exemption on imported fertilizers challenged; penalty, interest and confiscation set aside after voluntary payment and no...
Additions under ss. 69A and 69B were examined on whether they could rest primarily on a statement recorded u/s 132(4) and generalized references to digital material. It was held that, absent identification of any specific incriminating seized document and without corroborative evidence of unexplained money or investment, the deeming provisions could not be invoked; the seized cash/jewellery already stood offered as business income from land-deal activity and was taxable u/s 28, not u/ss. 69A/69B r/w s. 115BBE, so these additions were deleted. On brokerage, addition was sustained where there was clear admission of receipt from both sides, but deleted for another transaction where no admission existed and the AO's 1% estimate lacked documentary/third-party support; CIT(A)'s order was affirmed. - ITAT
Additions under ss. 69A and 69B were examined on whether they could rest primarily on a statement recorded u/s 132(4) and generalized references to digital material. It was held that, absent identification of any specific incriminating seized document and without corroborative evidence of unexplained money or investment, the deeming provisions could not be invoked; the seized cash/jewellery already stood offered as business income from land-deal activity and was taxable u/s 28, not u/ss. 69A/69B r/w s. 115BBE, so these additions were deleted. On brokerage, addition was sustained where there was clear admission of receipt from both sides, but deleted for another transaction where no admission existed and the AO's 1% estimate lacked documentary/third-party support; CIT(A)'s order was affirmed. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
