Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
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.
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