TSV Berlin

One another Determining Administrator and DDIT (Inv

A study below point 133A are held during the company properties from Assessee of the Deputy Manager (Investigation) and then he learned that Assessee placed huge share into the higher denominations away from specified lender notes post demonetization. But not, AO kept that said count was unexplained, dollars loans symbolizing unaccounted money is introduced toward business from inside the disguise out of precious jewelry conversion, and you can, appropriately, made introduction below part 68 on account of said bucks deposit.

The new Tribunal detailed you to definitely Assessee got explained way to obtain told you amount under consideration as transformation, introduced product sales expenses and accepted just like cash receipt also once the considering they to tax. There clearly was no defect in requests and you can conversion and same was in fact complimentary which have inflow and you can outflow regarding inventory. Next audit declaration significantly less than point 44AB and you may financial comments demonstrably demonstrated reduction of inventory updates coordinating that have conversion and therefore obviously revealed that dollars produced illustrated conversion. ) were unable to acquire one defects when you look at the instructions from account, change membership, P&L membership and you will monetary statements off Assessee.

Thus, after the choice in case there is CIT v. Continue reading »