International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Telescoping was applied to undisclosed on-money receipts against cash deposits made during demonetisation, but only 50% relief was granted because no corresponding physical cash was found and the assessee could not fully explain that aspect. The surviving addition was held not chargeable under section 115BBE for the year in question, and had to be taxed under the normal provisions. Receipts described as advances from customers and a loan receipt were treated as business turnover already covered by the telescoping of on-money and were deleted as separate section 68 additions. An addition relating to a creditor was also deleted because the assessee had discharged the initial onus with documents and the creditor had been examined without adverse findings.
Telescoping was applied to undisclosed on-money receipts against cash deposits made during demonetisation, but only 50% relief was granted because no corresponding physical cash was found and the assessee could not fully explain that aspect. The surviving addition was held not chargeable under section 115BBE for the year in question, and had to be taxed under the normal provisions. Receipts described as advances from customers and a loan receipt were treated as business turnover already covered by the telescoping of on-money and were deleted as separate section 68 additions. An addition relating to a creditor was also deleted because the assessee had discharged the initial onus with documents and the creditor had been examined without adverse findings.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
