CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Treatment of a negative cash balance as income from unexplained sources was upheld because the taxpayer failed to prove that alleged cash gifts had a verifiable donor source. The court applied the principle that cash gifts require independent evidence of the donor's capacity and source of funds; self signed receipts and a post hoc declaration were insufficient. Inconsistent statements about the donor and absence of the donor's tax filings or other corroboration undermined credibility, leading to rejection of the gift claim and endorsement of the unexplained cash balance being taxed as income.
Treatment of a negative cash balance as income from unexplained sources was upheld because the taxpayer failed to prove that alleged cash gifts had a verifiable donor source. The court applied the principle that cash gifts require independent evidence of the donor's capacity and source of funds; self signed receipts and a post hoc declaration were insufficient. Inconsistent statements about the donor and absence of the donor's tax filings or other corroboration undermined credibility, leading to rejection of the gift claim and endorsement of the unexplained cash balance being taxed as income.
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