Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
ITAT held that cash deposits supported by recorded cash sales could not be treated as unexplained cash credit where the assessee produced purchase and sales registers, no specific discrepancy was found in sales, purchases or cash book, and the books were not rejected; absence of a stock register alone was insufficient, so the section 68 addition on that account was deleted. For the claimed capital introduction based on an alleged gift, the appellate relief was unsustainable because the new material was not properly tested through due process, including verification of the donor's identity, genuineness and creditworthiness; that issue was set aside and remanded to the AO for de novo adjudication.
ITAT held that cash deposits supported by recorded cash sales could not be treated as unexplained cash credit where the assessee produced purchase and sales registers, no specific discrepancy was found in sales, purchases or cash book, and the books were not rejected; absence of a stock register alone was insufficient, so the section 68 addition on that account was deleted. For the claimed capital introduction based on an alleged gift, the appellate relief was unsustainable because the new material was not properly tested through due process, including verification of the donor's identity, genuineness and creditworthiness; that issue was set aside and remanded to the AO for de novo adjudication.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4807 
Join Channel 
