Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
Unexplained trade credits must be supported by proof of source, creditor identity and mode of payment; where these are not satisfactorily established, the receipt loses its character as business income and is taxable under Section 68 as income from other sources. The assessee must also show that the receipt is derived from the eligible industrial undertaking before claiming deduction under Sections 80-IA/80-IB. An unexplained credit not shown as business receipt cannot be linked to eligible profits or enjoy the deduction. The credits were therefore treated as taxable unexplained income, and the deduction claim failed.
Unexplained trade credits must be supported by proof of source, creditor identity and mode of payment; where these are not satisfactorily established, the receipt loses its character as business income and is taxable under Section 68 as income from other sources. The assessee must also show that the receipt is derived from the eligible industrial undertaking before claiming deduction under Sections 80-IA/80-IB. An unexplained credit not shown as business receipt cannot be linked to eligible profits or enjoy the deduction. The credits were therefore treated as taxable unexplained income, and the deduction claim failed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
