Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
ITAT held that gifts credited through banking channels were not taxable under section 69A absent corroborative evidence that they represented the assessee's own unaccounted money, and the addition was deleted. Cash received as on-money on property sales could not be taxed as unexplained money under section 69A; it had to be included in sale consideration and assessed under capital gains. Additions based only on uncorroborated Excel sheets for alleged construction were rejected. Major jewellery additions were partly explained by family and customary gifts, with the balance sustained, and telescoping was allowed against confirmed on-money receipts. Cash found during search was sustained, but telescoping was granted. The watch-related addition was deleted on proof of ownership and independent verification.
ITAT held that gifts credited through banking channels were not taxable under section 69A absent corroborative evidence that they represented the assessee's own unaccounted money, and the addition was deleted. Cash received as on-money on property sales could not be taxed as unexplained money under section 69A; it had to be included in sale consideration and assessed under capital gains. Additions based only on uncorroborated Excel sheets for alleged construction were rejected. Major jewellery additions were partly explained by family and customary gifts, with the balance sustained, and telescoping was allowed against confirmed on-money receipts. Cash found during search was sustained, but telescoping was granted. The watch-related addition was deleted on proof of ownership and independent verification.
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