Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
Material seized from a company director who managed its day-to-day affairs and was searched simultaneously could be used for the company's assessment under section 153A; separate proceedings under section 153C were unnecessary. The Tribunal found the consolidated section 153D approval for four assessment years mechanical because it showed no year-wise application of mind, quashing the assessments. For unabated years, the consistently accepted Project Completion Method could not be replaced by the Percentage Completion Method without relevant seized material, rejection of accounts under section 145(3), or a cogent factual basis; the resulting additions were deleted. Additions for both receipts and payments reflected in the same seized papers were also deleted as double taxation of income already offered and accepted.
Material seized from a company director who managed its day-to-day affairs and was searched simultaneously could be used for the company's assessment under section 153A; separate proceedings under section 153C were unnecessary. The Tribunal found the consolidated section 153D approval for four assessment years mechanical because it showed no year-wise application of mind, quashing the assessments. For unabated years, the consistently accepted Project Completion Method could not be replaced by the Percentage Completion Method without relevant seized material, rejection of accounts under section 145(3), or a cogent factual basis; the resulting additions were deleted. Additions for both receipts and payments reflected in the same seized papers were also deleted as double taxation of income already offered and accepted.
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