Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
Customs valuation must use comparable contemporary imports, while confiscation fines and penalties require proportionate recalculation on reassessed v...
Depositor-protection proceedings prevail over corporate insolvency, while liquidators may recover chit receivables using copies of seized company reco...
ITAT remanded the addition for alleged bogus purchases because the authorities had not first verified whether the disputed purchases were actually debited to the trading account or claimed as deduction; if they were not so claimed, the addition could not survive. The Tribunal also directed verification of the assessee's claim that genuine purchases from four parties existed and that the disputed amount had been reversed in the books. In contrast, a 50% disallowance of labour charges was sustained because the assessee produced only ledger entries and cash vouchers, without reliable evidence of the labourers' identity or other credible proof of expenditure.
ITAT remanded the addition for alleged bogus purchases because the authorities had not first verified whether the disputed purchases were actually debited to the trading account or claimed as deduction; if they were not so claimed, the addition could not survive. The Tribunal also directed verification of the assessee's claim that genuine purchases from four parties existed and that the disputed amount had been reversed in the books. In contrast, a 50% disallowance of labour charges was sustained because the assessee produced only ledger entries and cash vouchers, without reliable evidence of the labourers' identity or other credible proof of expenditure.
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