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...
Unexplained money under Section 69A was considered: Tribunal held that where amounts are withdrawn from disclosed bank accounts and the assessee furnishes books, vouchers and utilisation records which the Assessing Officer does not specifically discredit, the deeming provision cannot be invoked and addition is deleted. Separately, an ad hoc 5% disallowance of expenditure was set aside because, after remand production of cash books and supporting vouchers, no targeted rejection or cogent material demonstrated unverifiable or excessive expenditure, so blanket percentage disallowance was impermissible.
Unexplained money under Section 69A was considered: Tribunal held that where amounts are withdrawn from disclosed bank accounts and the assessee furnishes books, vouchers and utilisation records which the Assessing Officer does not specifically discredit, the deeming provision cannot be invoked and addition is deleted. Separately, an ad hoc 5% disallowance of expenditure was set aside because, after remand production of cash books and supporting vouchers, no targeted rejection or cogent material demonstrated unverifiable or excessive expenditure, so blanket percentage disallowance was impermissible.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
