Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Audited financial statements were treated as the reliable basis for determining closing work-in-progress where unaudited tally-generated data showed a difference caused by adding, rather than excluding, opening work-in-progress. As the audited accounts correctly reflected the brought-forward opening balance and the relevant year's closing work-in-progress, no discrepancy remained to support an addition based solely on unaudited data. The discussion states that the addition for the alleged difference in closing work-in-progress, as well as the stock-in-trade difference, was deleted.
Audited financial statements were treated as the reliable basis for determining closing work-in-progress where unaudited tally-generated data showed a difference caused by adding, rather than excluding, opening work-in-progress. As the audited accounts correctly reflected the brought-forward opening balance and the relevant year's closing work-in-progress, no discrepancy remained to support an addition based solely on unaudited data. The discussion states that the addition for the alleged difference in closing work-in-progress, as well as the stock-in-trade difference, was deleted.
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