Timing mismatch in income recognition requires verification whether receipts were already taxed in an earlier year; matter remitted for fresh examinat...
FOB transaction value and export incentives: customs valuation cannot override contractual export benefits or support confiscation without valid proof...
Alleged bogus purchases could not justify an ad hoc gross profit addition where the suppliers' non-filing of returns was the only adverse feature, the purchases were recorded in the books, and no contrary material disproved them; the gross profit-based addition was deleted. On alleged unaccounted sales, only the profit element could be taxed, so the Tribunal sustained addition at a net profit rate of 4% rather than taxing the full sale proceeds. Cash entry-fee receipts were extrapolated from a short period, so the addition was restricted to 25%. Separate unexplained expenditure was telescoped against the estimated undisclosed income and deleted, and section 69C could not apply to recorded purchases paid through banking channels.
Alleged bogus purchases could not justify an ad hoc gross profit addition where the suppliers' non-filing of returns was the only adverse feature, the purchases were recorded in the books, and no contrary material disproved them; the gross profit-based addition was deleted. On alleged unaccounted sales, only the profit element could be taxed, so the Tribunal sustained addition at a net profit rate of 4% rather than taxing the full sale proceeds. Cash entry-fee receipts were extrapolated from a short period, so the addition was restricted to 25%. Separate unexplained expenditure was telescoped against the estimated undisclosed income and deleted, and section 69C could not apply to recorded purchases paid through banking channels.
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