By aasklegal
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Jan 24, 2024
ITAT Chennai: Difference in stock cannot be treated as unexplained investment u/s 69B where the source of investment in excess stock is explained and the same has not been disputed by the Revenue
Facts of the case A survey u/s.133A of the Income Tax Act, 1961 was carried out on the business premises […]
By aasklegal
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Jan 15, 2024
ITAT Mumbai: If the taxpayer has left India for the purpose of business or profession, the same has been considered to be for the purpose of employment outside India under Explanation–1(a) to section 6(1) of the Act. The assessee has rightly claimed to be a “Non-Resident” during the year for the purpose of the Act.
Facts of the case A search and seizure action was conducted under section 132/133A of the Act on 10/05/2018, in […]
By aasklegal
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Jan 9, 2024
ITAT Chennai: Interest paid on loan borrowed to settle the debt of the outgoing partner allowed as deduction; Even if the partners are family members; the same cannot be considered as a family settlement
Brief Facts of the Case The assessee ‘Partnership Firm’ (having family members as partners) was carrying on the business of […]