Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
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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