Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
ITAT upheld rejection of the books under section 145(3) and best judgment assessment under section 144 because the assessee did not furnish complete details or supporting evidence. After rejection of the books, income had to be estimated on a reasonable basis; the Tribunal found the AO's 10% net profit rate unsupported by comparable cases or the assessee's past results and reduced it to 6% of gross turnover, with credit for income already declared. It further held that separate section 68 additions for sundry creditors and unsecured loans could not survive once business income was estimated, absent independent incriminating material, and deleted those additions in full.
ITAT upheld rejection of the books under section 145(3) and best judgment assessment under section 144 because the assessee did not furnish complete details or supporting evidence. After rejection of the books, income had to be estimated on a reasonable basis; the Tribunal found the AO's 10% net profit rate unsupported by comparable cases or the assessee's past results and reduced it to 6% of gross turnover, with credit for income already declared. It further held that separate section 68 additions for sundry creditors and unsecured loans could not survive once business income was estimated, absent independent incriminating material, and deleted those additions in full.
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