International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
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Addition under s. 69 for cash deposits during the demonetisation period was disputed on the ground that the deposits were already covered by additional income disclosed and taxed pursuant to settlement. The settlement order under s. 245D(4) recorded telescoping of cash balances of the assessee and a related trust against the additional income offered for earlier years, and the AO failed to show that such undisclosed income had been deployed elsewhere or that any outside-the-books investments existed. Applying the rule against double taxation of the same income and extending telescoping, the cash deposits were held explained out of previously taxed income, and no separate addition was sustainable; the Revenue's appeal was dismissed - ITAT
Addition under s. 69 for cash deposits during the demonetisation period was disputed on the ground that the deposits were already covered by additional income disclosed and taxed pursuant to settlement. The settlement order under s. 245D(4) recorded telescoping of cash balances of the assessee and a related trust against the additional income offered for earlier years, and the AO failed to show that such undisclosed income had been deployed elsewhere or that any outside-the-books investments existed. Applying the rule against double taxation of the same income and extending telescoping, the cash deposits were held explained out of previously taxed income, and no separate addition was sustainable; the Revenue's appeal was dismissed - ITAT
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