Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Where the assessee failed to produce cogent evidence of employment, salary receipt, commission or brokerage, the Tribunal upheld denial of the claimed standard deduction and treated the returned income as unexplained money under section 69A for A.Ys. 2019-20 and 2020-21. By contrast, where the assessee had opted for presumptive taxation under section 44AD and produced confirmations, sample bills and related business details, the Tribunal accepted that rice trading business was carried on and held that the same receipts could not again be taxed as unexplained money under section 69A, as that would amount to double taxation. The section 69A addition was deleted for A.Y. 2022-23, and the rice trading finding was applied for A.Y. 2021-22.
Where the assessee failed to produce cogent evidence of employment, salary receipt, commission or brokerage, the Tribunal upheld denial of the claimed standard deduction and treated the returned income as unexplained money under section 69A for A.Ys. 2019-20 and 2020-21. By contrast, where the assessee had opted for presumptive taxation under section 44AD and produced confirmations, sample bills and related business details, the Tribunal accepted that rice trading business was carried on and held that the same receipts could not again be taxed as unexplained money under section 69A, as that would amount to double taxation. The section 69A addition was deleted for A.Y. 2022-23, and the rice trading finding was applied for A.Y. 2021-22.
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