NPCI-based bank account validation for IEC applications and modifications enables real-time validation; incorrect details block submission or trigger ...
Creation/Invocation of pledge of securities through depository system: standardized pledge forms, notice requirement and invocation notifications to p...
Calendar Spread margin benefit for Single Stock Derivatives suspended on expiry day for expiring contracts; exchanges must implement systems and rule ...
Proportionate interest, unexplained credits and partner remuneration disputed; proofs of fund nexus and lender identity were decisive and disallowance...
Capital gains valuation from stamp assessment versus net consideration for residential reinvestment: deemed stamp value replaced for gains but not for...
In retail liquor business out-of-books transactions, only the profit element embedded in the unaccounted activity was held taxable, not the gross purchases or duplicated sales stream. The Tribunal found a close nexus between unaccounted purchases, unaccounted sales and cash collections, and restricted the addition to 3% of the relevant unaccounted transactions while deleting the separate substantive and protective additions based on gross purchases and related advances. It further held that cash already deposited in regular bank accounts could not again be treated as unaccounted sales, so the balance alone was subject to 3% estimation. Cash found at the premises was also deleted where the cash book explained availability and telescoping of estimated income was accepted.
In retail liquor business out-of-books transactions, only the profit element embedded in the unaccounted activity was held taxable, not the gross purchases or duplicated sales stream. The Tribunal found a close nexus between unaccounted purchases, unaccounted sales and cash collections, and restricted the addition to 3% of the relevant unaccounted transactions while deleting the separate substantive and protective additions based on gross purchases and related advances. It further held that cash already deposited in regular bank accounts could not again be treated as unaccounted sales, so the balance alone was subject to 3% estimation. Cash found at the premises was also deleted where the cash book explained availability and telescoping of estimated income was accepted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
