Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Declared business receipts under presumptive taxation could not be rejected as bogus merely because sales were concentrated in one month, where the assessee was regularly engaged in scrap trading and had returned income under section 44AD. The Tribunal noted that in such business there was no fixed pattern of purchases and sales, and books of account were not required in the manner assumed by the Assessing Officer. The addition treating the declared sales as unexplained cash credit was based only on suspicion and lacked a sustainable factual basis, so it was deleted.
Declared business receipts under presumptive taxation could not be rejected as bogus merely because sales were concentrated in one month, where the assessee was regularly engaged in scrap trading and had returned income under section 44AD. The Tribunal noted that in such business there was no fixed pattern of purchases and sales, and books of account were not required in the manner assumed by the Assessing Officer. The addition treating the declared sales as unexplained cash credit was based only on suspicion and lacked a sustainable factual basis, so it was deleted.
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