Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
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Non-filing of returns by some suppliers, without further enquiry or contrary material, was held insufficient to reject recorded purchases where payments were through banking channels and sales were accepted; the ad hoc gross profit addition on disputed purchases was deleted. For unaccounted sales, only the profit element was treated as taxable, and the income was estimated on a net profit basis at 2% rather than by taxing the entire sales. Alleged entry-fee receipts based on extrapolation from a limited period were curtailed, with only 25% of the estimated addition sustained. Separate addition for unexplained expenditure was deleted on telescoping, as the sustained undisclosed income was treated as available to meet that expenditure.
Non-filing of returns by some suppliers, without further enquiry or contrary material, was held insufficient to reject recorded purchases where payments were through banking channels and sales were accepted; the ad hoc gross profit addition on disputed purchases was deleted. For unaccounted sales, only the profit element was treated as taxable, and the income was estimated on a net profit basis at 2% rather than by taxing the entire sales. Alleged entry-fee receipts based on extrapolation from a limited period were curtailed, with only 25% of the estimated addition sustained. Separate addition for unexplained expenditure was deleted on telescoping, as the sustained undisclosed income was treated as available to meet that expenditure.
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