Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
Reverse charge and assignment of royalty collection: exemption for excess royalty collectors subject to reconciliation; leaseholders remain liable und...
Bank account credits were held to originate from a third party and the account functioned as a conduit; therefore the credited sums were not treated as the assessee's unexplained income. The Tribunal relied on bank statements, deposit-withdrawal patterns and admissions to conclude the assessee permitted use of his account for Shree Impex, with a different principal beneficiary. Because the assessee facilitated transactions and obtained a limited benefit, the Tribunal treated the correct tax consequence as assessable commission income and directed assessment of commission on the turnover routed through the account, applying the same reasoning to other identical assessment years.
Bank account credits were held to originate from a third party and the account functioned as a conduit; therefore the credited sums were not treated as the assessee's unexplained income. The Tribunal relied on bank statements, deposit-withdrawal patterns and admissions to conclude the assessee permitted use of his account for Shree Impex, with a different principal beneficiary. Because the assessee facilitated transactions and obtained a limited benefit, the Tribunal treated the correct tax consequence as assessable commission income and directed assessment of commission on the turnover routed through the account, applying the same reasoning to other identical assessment years.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
