The Tribunal held that cash deposits arising from recorded pharmacy sales during demonetisation cannot be added under section 68 when turnover is accepted and duly taxed.
Cash deposits during demonetisation were held genuine where supported by EMI recoveries from thousands of borrowers, with no enquiry or evidence to treat them as unexplained.
Tribunal confirmed that transfer of passive infrastructure assets is genuine and qualifies as a gift under section 47(iii), rejecting revenue’s claim of tax avoidance.
Transfer pricing adjustment of ₹21.88 lakh partly reduced to 0.5% corporate guarantee fee. Tribunal confirms international transaction status but applies consistent methodology with prior years.
Section 87A rebate allows resident individuals with income under specified limits to reduce their tax liability to zero, clarifying the “no tax” claim.
Ethical conduct is the core of professional credibility in accountancy, directly influencing career prospects, client trust, and regulatory acceptance worldwide.
Courts have held that failure to serve mandatory pre-adjudication notices violates statutory procedure and invalidates GST proceedings.
The Tribunal examined opening cash balance of ₹6.16 lakh brought forward from prior year. CIT(A) had disallowed it, but AO verification confirmed its genuineness. ITAT set aside the addition under Section 69A and allowed the appeal.
The appellate authority dismissed the appeal as it was filed beyond the prescribed limitation period. The key takeaway is that delayed filings under section 454 are not maintainable.
Chhattisgarh High Court held that denial of refund claim on the basis of limitation cannot be justified, since amount during investigation was paid under bona fide belief and particularly, when the Department itself acknowledged non-liability. Accordingly, appeal is allowed.
