Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
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Reassessment based on search-related information may be initiated under reassessment provisions where the Assessing Officer also relies on independent enquiries into transactions with an alleged entry provider, rather than on search material alone. Approval for the reassessment notice was treated as procedurally valid and non-mechanical, and the challenge to reassessment failed. Where sales are accepted but purchases from an alleged accommodation-entry provider remain unverifiable, the entire purchase amount need not be disallowed, particularly where the relied-on statement was retracted. The addition was confined to the profit element reflected in the taxpayer's gross-profit position, fixed at 6% of the disputed purchases. The appeal was partly allowed on the quantum of addition.
Reassessment based on search-related information may be initiated under reassessment provisions where the Assessing Officer also relies on independent enquiries into transactions with an alleged entry provider, rather than on search material alone. Approval for the reassessment notice was treated as procedurally valid and non-mechanical, and the challenge to reassessment failed. Where sales are accepted but purchases from an alleged accommodation-entry provider remain unverifiable, the entire purchase amount need not be disallowed, particularly where the relied-on statement was retracted. The addition was confined to the profit element reflected in the taxpayer's gross-profit position, fixed at 6% of the disputed purchases. The appeal was partly allowed on the quantum of addition.
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