CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
Unexplained cash deposits during demonetisation: the Tribunal held that cash deposited in the bank derived from prior household savings and recorded in the assessee's books, and once receipts are reflected in books and accepted by the assessing officer, the onus to further explain does not sustain an addition under section 69A; consequence - addition under s.69A deleted. Double taxation and prior acceptance of receipts: re-taxing the same receipts under s.69A would amount to double taxation, therefore such duplicate addition is impermissible - consequence - deleted. Evidentiary deficiencies: poor documentary compliance justified partial relief; consequence - a compensatory addition of 10% of Rs.29,60,000 (Rs.2,96,000) sustained. Section 115BBE: deposits held to arise from business and thus not liable to flat rate under s.115BBE; consequence - tax the Rs.2,96,000 at normal rates by the AO. - ITAT
Unexplained cash deposits during demonetisation: the Tribunal held that cash deposited in the bank derived from prior household savings and recorded in the assessee's books, and once receipts are reflected in books and accepted by the assessing officer, the onus to further explain does not sustain an addition under section 69A; consequence - addition under s.69A deleted. Double taxation and prior acceptance of receipts: re-taxing the same receipts under s.69A would amount to double taxation, therefore such duplicate addition is impermissible - consequence - deleted. Evidentiary deficiencies: poor documentary compliance justified partial relief; consequence - a compensatory addition of 10% of Rs.29,60,000 (Rs.2,96,000) sustained. Section 115BBE: deposits held to arise from business and thus not liable to flat rate under s.115BBE; consequence - tax the Rs.2,96,000 at normal rates by the AO. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4813 
Join Channel 
