Captive power transfer pricing and non-resident export commission rules support deletion of adjustments and withholding disallowance in discussed proc...
Cooperative society deposits, member-interest TDS exemption and credit-facility deduction claims require verification through records and supporting e...
Customs jurisdiction over EPCG condition breaches survives export-obligation discharge certificates, requiring alleged fraud and misdeclaration to be ...
Contractual tolerance requires consideration; breach recoveries, qualifying public infrastructure services and road works escape service tax liability...
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 4824 
Join Channel 
