Commercial expediency has to be judged from the point of view of Assessee who knows best how his business has to be run for deciding on allowability of deduction towards Expenses
NRI stuck in India due to Covid-19 & Treatment of such NRI as Resident for FY 2020-21: SC dismisses the Plea of NRI
As long as the purchasing dealer has taken all steps, he cannot be expected to keep track of the deposits made by the selling dealer with the Government towards his outward liability: DVAT-AT
The provisions of section 40A(3) is not intended to restrict the business activities. There is no restriction on the assessee in his trading activities.
It is now time to turn our focus from welfare measures to our anti-evasion performance. CBIC Chairman in its weekly newsletter to the officers
Addition is justified if mere bald statement is made that cash deposits was the sale proceeds without any concrete, cogent and reliable evidences