ITAT Chennai held that undisclosed income allegation unsustainable as during search no incriminating material was found in respect of on-money receipt and AO also failed to establish the receipt of the same.
ITAT Kolkata held that the transaction of purchase of old gold jewellery in exchange of sale of new jewellery is covered under rule 6DD (d) and hence exempted from the provisions of section 40A(3) of the Income Tax Act. Further, there is no violation of provisions of section 40A(3) as there is no actual transaction of payment of cash.
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Cancellation of GST Registration: Appeal Remedy cannot be Denied Merely Be-cause Option of Revocation was Not Opted, rules Karnataka HC
