Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
ITAT upheld rejection of the books of account because the assessee's cash sales, cash on hand and pre-demonetisation cash deposits showed an abnormal rise, while the supporting invoices were incomplete, generic and not backed by genuine evidence, so the accounts did not reflect a true and correct picture of business. On unexplained demonetisation-period cash deposits, the Tribunal accepted credit for the opening cash balance and bank withdrawals where no discrepancy was found, and sustained addition only for the balance amount remaining unexplained. It further held that the sustained addition under section 68 was taxable at the special rate under section 115BBE for AY 2017-18.
ITAT upheld rejection of the books of account because the assessee's cash sales, cash on hand and pre-demonetisation cash deposits showed an abnormal rise, while the supporting invoices were incomplete, generic and not backed by genuine evidence, so the accounts did not reflect a true and correct picture of business. On unexplained demonetisation-period cash deposits, the Tribunal accepted credit for the opening cash balance and bank withdrawals where no discrepancy was found, and sustained addition only for the balance amount remaining unexplained. It further held that the sustained addition under section 68 was taxable at the special rate under section 115BBE for AY 2017-18.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4826 
Join Channel 
