Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
Denial of Preferential Treatment under SAFTA overturned where unchallenged Country of Origin certificate warranted exemption under Notification benefi...
Continuing offence of money-laundering: discharge set aside and proceedings reinstated where laundering continued after inclusion of predicate offence...
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Credits treated as unexplained cash credits under s.68 were examined to determine whether they were trade advances. Where advances were received from customers (mostly through banking channels) and subsequently adjusted against sales invoices within a reasonable time, the credits were held to be genuine trade advances and not "loan creditors"; hence no enquiry into customer creditworthiness was required and the additions were deleted. Refund of excess labour advance from a goldsmith, recorded against job-work bills and received in cash consistent with trade practice, was held explained and the s.68 addition was deleted. Cash receipts from credit sales were not taxable under s.68 merely for alleged non-collection of TCS since s.206C(1D) was inapplicable due to turnover below s.44AB threshold; addition deleted. Cash deposits during demonetisation were supported by book cash and sales bills; s.69A addition deleted; consequently s.115BBE issue became academic. - ITAT
Credits treated as unexplained cash credits under s.68 were examined to determine whether they were trade advances. Where advances were received from customers (mostly through banking channels) and subsequently adjusted against sales invoices within a reasonable time, the credits were held to be genuine trade advances and not "loan creditors"; hence no enquiry into customer creditworthiness was required and the additions were deleted. Refund of excess labour advance from a goldsmith, recorded against job-work bills and received in cash consistent with trade practice, was held explained and the s.68 addition was deleted. Cash receipts from credit sales were not taxable under s.68 merely for alleged non-collection of TCS since s.206C(1D) was inapplicable due to turnover below s.44AB threshold; addition deleted. Cash deposits during demonetisation were supported by book cash and sales bills; s.69A addition deleted; consequently s.115BBE issue became academic. - ITAT
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