Genuineness of investment evidence determines LTCG entitlement; non specific regulatory reports cannot displace transaction specific documentary proof...
Import entitlement for repairs and after sales service extends to authorised service agents; provisional release allowed subject to bond and quantitat...
Addition under s.69A for cash deposits was challenged on the ground that the deposits were explained by debtor collections and past savings/opening balance, a factual explanation allegedly not properly examined by the AO/CIT(A). The matter was remitted to the AO for fresh verification on merits and decision in accordance with law. Separately, penalty under s.271B was upheld because the obligation to get accounts audited under s.44AB is independent of the obligation to maintain books under s.44AA, and levy of penalty under s.271A is not a precondition for penalty under s.271B; absence of audit justified confirmation of penalty. - ITAT
Addition under s.69A for cash deposits was challenged on the ground that the deposits were explained by debtor collections and past savings/opening balance, a factual explanation allegedly not properly examined by the AO/CIT(A). The matter was remitted to the AO for fresh verification on merits and decision in accordance with law. Separately, penalty under s.271B was upheld because the obligation to get accounts audited under s.44AB is independent of the obligation to maintain books under s.44AA, and levy of penalty under s.271A is not a precondition for penalty under s.271B; absence of audit justified confirmation of penalty. - ITAT
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