https://www.taxtmi.com/caselaws?id=758016 Capital gains transfer occurs when consideration is received and possession passes; a later unilateral declaration cannot defer the transfer date. Where the holding period is below the prescribed threshold, the gain is short-term and residential-investment relief is unavailable. A reconciliation supported by tax deduction and a credible accounting explanation can prevent an addition merely for balance mismatches. Cash freight payments exceeding the permitted limit are disallowable. Sales-tax penalties, payments for another entity and reconciliation adjustments require evidence of business deductibility. Bank cash deposits remain unexplained where the alleged sales advance, creditor identity and creditworthiness are not supported by reliable evidence. en-us Wed, 14 Feb 2024 00:00:00 +0530 Fri, 06 Sep 2024 08:20:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758016 Capital gains transfer occurs when consideration is received and possession passes; a later unilateral declaration cannot defer the transfer date. Where the holding period is below the prescribed threshold, the gain is short-term and residential-investment relief is unavailable. A reconciliation supported by tax deduction and a credible accounting explanation can prevent an addition merely for balance mismatches. Cash freight payments exceeding the permitted limit are disallowable. Sales-tax penalties, payments for another entity and reconciliation adjustments require evidence of business deductibility. Bank cash deposits remain unexplained where the alleged sales advance, creditor identity and creditworthiness are not supported by reliable evidence. Case-Laws Income Tax Wed, 14 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758016