Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
Page of 4788
Press 'Enter' after typing page number.
461 to 480 of 95752 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Unaccounted gold and silver stock detected during income-tax inspection supported findings of suppressed purchases and consequential sales, notwithstanding a revised return filed after inspection. The article distinguishes cases where equal additions rested only on conjectural probable suppression or disclosures preceded audit, stating that inspection-based unreconciled stock differences provide material for assessment. It notes that tax paid on revised disclosure may mitigate an equal addition, but does not protect a dealer unless the failure to maintain true accounts was neither wilful nor intentional. The Tribunal's restriction of equal additions to 10 per cent was sustained. Penalty was also upheld because the dealer did not justify omissions in full and true disclosure, and the statutory penalty provision applied to established suppressed turnover.
Unaccounted gold and silver stock detected during income-tax inspection supported findings of suppressed purchases and consequential sales, notwithstanding a revised return filed after inspection. The article distinguishes cases where equal additions rested only on conjectural probable suppression or disclosures preceded audit, stating that inspection-based unreconciled stock differences provide material for assessment. It notes that tax paid on revised disclosure may mitigate an equal addition, but does not protect a dealer unless the failure to maintain true accounts was neither wilful nor intentional. The Tribunal's restriction of equal additions to 10 per cent was sustained. Penalty was also upheld because the dealer did not justify omissions in full and true disclosure, and the statutory penalty provision applied to established suppressed turnover.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4788
Join Channel
TaxTMI 
