Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Unaccounted business receipts from a garment-export business were treated as business turnover, so only the embedded gross profit, rather than the full receipts, was taxable. Based on the audited profitability trend, the reported ITAT decision restricted the gross-profit estimate to 1% of aggregated unaccounted sales, including token-note receipts. Alleged cash-salary additions were deleted because the recipient's statements were contradictory, cross-examination denied cash or cheque salary, and no independent support existed. Additions for cash, a gold coin and foreign currency were also deleted because recorded balances, the gift explanation and client confirmation of currency ownership remained unrebutted.
Unaccounted business receipts from a garment-export business were treated as business turnover, so only the embedded gross profit, rather than the full receipts, was taxable. Based on the audited profitability trend, the reported ITAT decision restricted the gross-profit estimate to 1% of aggregated unaccounted sales, including token-note receipts. Alleged cash-salary additions were deleted because the recipient's statements were contradictory, cross-examination denied cash or cheque salary, and no independent support existed. Additions for cash, a gold coin and foreign currency were also deleted because recorded balances, the gift explanation and client confirmation of currency ownership remained unrebutted.
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