Judgement

The ITAT Bangalore deleted the Rs 2.34 crore GST Refund addition, holding it non-taxable income since GST was not debited to the profit and loss account.

ITAT Rules GST Refund Is Not Taxable Income; Deletes Rs 2.34 Crore Addition on Recovery-of-Asset Principle

The Tribunal cited that to invoke Section 41(1), the assessee must credit the said liability to its profit and loss account, which was not the case here.

Section 41(1) Cannot be Invoked Without P&L Credit Proof: ITAT Deletes Cessation Addition

Whether Provisions of Section 68 are applicable in case of sales receipt shown in trading and profit and loss account? It has been observed 

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ITAT Rules GST Refund Is Not Taxable Income; Deletes Rs 2.34 Crore Addition on Recovery-of-Asset Principle

Section 41(1) Cannot be Invoked Without P&L Credit Proof: ITAT Deletes Cessation Addition

Whether Provisions of Section 68 are applicable in case of sales receipt shown in trading and profit and loss account?