{"id":14392,"date":"2020-12-13T11:45:07","date_gmt":"2020-12-13T11:45:07","guid":{"rendered":"https:\/\/itatonline.org\/digest\/deepak-garg-v-ito-2020-78-itr-40-sn-delhi-trib-2\/"},"modified":"2020-12-13T11:45:07","modified_gmt":"2020-12-13T11:45:07","slug":"deepak-garg-v-ito-2020-78-itr-40-sn-delhi-trib-2","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/deepak-garg-v-ito-2020-78-itr-40-sn-delhi-trib-2\/","title":{"rendered":"Deepak Garg v. ITO (2020) 78 ITR 40 (SN) (Delhi ) (Trib)"},"content":{"rendered":"<p>Tribunal held that unless the benefit accrued to the assessee is in nature of cash or money, section\u00a028\u00a0of the\u00a0 Acthad no application and in the absence of cessation of liability, section\u00a041(1)\u00a0had no application. All that had happened was that the assessee had introduced the gold left behind by his father into his business and shown the trade liability in his own name in the name of other family as a whole or individual legal heir. Such an act could not be termed either as introduction of unaccounted or unexplained money into the capital nor could the trade liability be said to have ceased to exist. Thus the addition under section\u00a028\u00a0read with section\u00a041\u00a0could not be sustained.( AY.2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 28(i) : Business income &#8211; Remission or cessation of trading liability -Introduction of Gold Bars in to business &#8211;  Nether assessable as business income or cessation of liability [ S.41(1) ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-14392","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3K8","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14392","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=14392"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14392\/revisions"}],"predecessor-version":[{"id":14393,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14392\/revisions\/14393"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=14392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=14392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=14392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}