Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
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Only the profit element embedded in on-money receipts was held taxable, because the Tribunal examined the assessee's disclosed receipts, profit and loss account, gross revenue and project cost, and found that taxing the entire on-money would create an unrealistically high net profit ratio for the real estate business. The Tribunal therefore treated the receipts as containing profit only and, on estimate, enhanced the addition from 20% to 40%. The High Court held this to be a factual appreciation and estimation exercise, not a substantial question of law. Both the Revenue's challenge for full addition and the assessee's challenge to the higher estimate were rejected.
Only the profit element embedded in on-money receipts was held taxable, because the Tribunal examined the assessee's disclosed receipts, profit and loss account, gross revenue and project cost, and found that taxing the entire on-money would create an unrealistically high net profit ratio for the real estate business. The Tribunal therefore treated the receipts as containing profit only and, on estimate, enhanced the addition from 20% to 40%. The High Court held this to be a factual appreciation and estimation exercise, not a substantial question of law. Both the Revenue's challenge for full addition and the assessee's challenge to the higher estimate were rejected.
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