Reversal of input tax credit in proportion to exempt supply: specificity of show-cause notice required; order set aside, fresh proceedings allowed wit...
Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
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.
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