Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
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Where alleged bogus purchases are not supported by proof of actual goods movement, but the books, sales and disclosed profits remain accepted, only the profit element embedded in those purchases may be disallowed rather than their full value. The High Court upheld the Tribunal's factual estimate of a 10 per cent disallowance, finding no legal infirmity. On reassessment, a notice under section 148A(b) need not supply every item of material held by the Assessing Officer; the prescribed reopening procedure was found to have been followed. The challenges to both the disallowance restriction and reassessment were rejected, and both cross-appeals were dismissed.
Where alleged bogus purchases are not supported by proof of actual goods movement, but the books, sales and disclosed profits remain accepted, only the profit element embedded in those purchases may be disallowed rather than their full value. The High Court upheld the Tribunal's factual estimate of a 10 per cent disallowance, finding no legal infirmity. On reassessment, a notice under section 148A(b) need not supply every item of material held by the Assessing Officer; the prescribed reopening procedure was found to have been followed. The challenges to both the disallowance restriction and reassessment were rejected, and both cross-appeals were dismissed.
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