Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
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A scrutiny assessment challenge based on alleged non-compliance with CBDT scrutiny-selection instructions was rejected, the Tribunal following binding jurisdictional High Court precedent. The rent-related disallowance under section 40(a)(ia) was deleted to the extent tax was not deductible, including rent paid to Haryana Urban Development Authority. In the bogus purchase dispute, the Tribunal upheld partial relief and gross profit estimation at 2.37% on market-comparable reasoning, and applied the same approach to the connected unexplained expenditure issue. The estimated addition on sundry creditors was rejected because no individual credit entries were examined and the purchases stood accepted. The related-party salary disallowance under section 40A(2)(b) was also upheld as deleted on revenue-neutrality grounds.
A scrutiny assessment challenge based on alleged non-compliance with CBDT scrutiny-selection instructions was rejected, the Tribunal following binding jurisdictional High Court precedent. The rent-related disallowance under section 40(a)(ia) was deleted to the extent tax was not deductible, including rent paid to Haryana Urban Development Authority. In the bogus purchase dispute, the Tribunal upheld partial relief and gross profit estimation at 2.37% on market-comparable reasoning, and applied the same approach to the connected unexplained expenditure issue. The estimated addition on sundry creditors was rejected because no individual credit entries were examined and the purchases stood accepted. The related-party salary disallowance under section 40A(2)(b) was also upheld as deleted on revenue-neutrality grounds.
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