Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Where sales were fully recorded in the assessee's books and there was no evidence of suppressed sales, a separate 6% profit addition on those sales was impermissible even though the counterparties were alleged bogus entities. The Tribunal had sustained addition only on the bogus purchases, and no material displaced that factual basis. The Assessing Officer had not recorded any finding that the sales themselves were bogus or that a further sales addition was warranted. The HC therefore dismissed the revenue's appeals and upheld rejection of the further profit addition.
Where sales were fully recorded in the assessee's books and there was no evidence of suppressed sales, a separate 6% profit addition on those sales was impermissible even though the counterparties were alleged bogus entities. The Tribunal had sustained addition only on the bogus purchases, and no material displaced that factual basis. The Assessing Officer had not recorded any finding that the sales themselves were bogus or that a further sales addition was warranted. The HC therefore dismissed the revenue's appeals and upheld rejection of the further profit addition.
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