1

Commissioner (A) is not empowered to enhance income a new source of income vide 82ITR 9Trib) 176
1

It is assessee’s choice to select a method for determining FMV of shares vide 81 ITR (Trib) (SN) 78
1

No TP adjustment of trade receivables in case of a debt-free company vide 81ITR (Trib) (SN) 94
1

To accord registration as a charitable institution under income tax dominant purpose must be charitable and satisfies the conditions laid down us 2(15) vide 426ITR108 despite having non charitable ancillary objects meant to achieve the dominant purpose
1

Transactions with dubious entities is reason enough for case reopening vide 421ITR624

Newspaper clippings as evidence of panic buying during demonetisation

ByCA Gopal Nathani

Jun 1, 2022

To disbelieve the sales, either the assessee should have insufficient stocks in its possession or there must be defects in the stock registers or stocks on hand. Once there is no defect in the purchases and sales and they match the inflow and outflow of stocks, there is no reason to disbelieve sales. In making such statement the tribunal in [2022] 96 ITR (Trib) 24 (ITAT[Viskha]) found no case against the assessee jeweller who made 270 cash sale invoices in the span of four hours on panic buying on the night of demonetisation.

The newspaper clippings alone did support the case of the assessee who even failed to produce either of the following evidence

A. KYC documents for sales;

B. tags of the jewellery to the sale bills

C. CCTV footage showing huge rush of public.