Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
Concessional Basic Customs Duty on Ethernet switches: classification as enterprise switches upheld, challenge dismissed for lack of substantial law qu...
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The tribunal affirmed that cash deposits in the assessee's proprietorship bank accounts during the demonetisation period were treated as unexplained income where the assessee failed to respond to statutory notices or furnish any explanation or documents; on the basis of bank data the deposits were attributed to the assessee and taxed accordingly. Separately, the claimed current-year loss set off was disallowed because the assessee did not produce supporting details before the tax authorities or on appeal, leaving the claim unsubstantiated. All grounds of appeal were dismissed for lack of material and failure to furnish explanations or appear.
The tribunal affirmed that cash deposits in the assessee's proprietorship bank accounts during the demonetisation period were treated as unexplained income where the assessee failed to respond to statutory notices or furnish any explanation or documents; on the basis of bank data the deposits were attributed to the assessee and taxed accordingly. Separately, the claimed current-year loss set off was disallowed because the assessee did not produce supporting details before the tax authorities or on appeal, leaving the claim unsubstantiated. All grounds of appeal were dismissed for lack of material and failure to furnish explanations or appear.
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