Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Unexplained cash deposits during demonetisation were examined on the basis of the assessee's cash book and supporting evidence, and the Tribunal found the cash book unreliable because the opening balance and other entries were not independently substantiated. The assessee failed to prove the source of the deposits, so only part of the cash was accepted as explained, with the balance sustained as unexplained. At the same time, the Tribunal held that the amended higher tax rate under section 115BBE could not be applied to deposits made before 15.12.2016, because the amendment could operate only prospectively for transactions on or after that date. The appeal was partly allowed.
Unexplained cash deposits during demonetisation were examined on the basis of the assessee's cash book and supporting evidence, and the Tribunal found the cash book unreliable because the opening balance and other entries were not independently substantiated. The assessee failed to prove the source of the deposits, so only part of the cash was accepted as explained, with the balance sustained as unexplained. At the same time, the Tribunal held that the amended higher tax rate under section 115BBE could not be applied to deposits made before 15.12.2016, because the amendment could operate only prospectively for transactions on or after that date. The appeal was partly allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
