Business expenditure and depreciation rules allow operational outgoings while limiting disallowances for personal elements and unsupported third-party...
Compromise-and-arrangement extensions may accommodate debt assignment where creditor commercial judgment supports value maximisation and avoids proced...
Delayed-payment surcharge is not taxable tolerance consideration where it penalises default, while meter testing follows electricity distribution trea...
Sufficient cause for delayed revenue income-tax appeals requires bona fides, due diligence and a credible explanation; otherwise limitation bars appea...
Inverted-duty-structure refunds remain available for unchanged-rate apparel supplies despite trader status and require tax-period-specific computation...
Third-party seized loose sheets can support an on-money addition only when corroborated or demonstrably connected to the assessee's business. Where flat-level particulars, cash receipts, the developer's role and offered profit established that connection, the Tribunal sustained the finding and quantification of on-money receipts, rejecting unsupported claims of duplicate entries, prior assessment and booking cancellations. As unaccounted real-estate receipts are business receipts, only their embedded profit is taxable; lacking a basis for a higher rate, the Tribunal reduced the estimated profit rate to 8 percent. No further telescoping was available because unaccounted expenditure had already been accepted as met from those receipts. Mere initiation of penalty proceedings was not appealable and the challenge was premature.
Third-party seized loose sheets can support an on-money addition only when corroborated or demonstrably connected to the assessee's business. Where flat-level particulars, cash receipts, the developer's role and offered profit established that connection, the Tribunal sustained the finding and quantification of on-money receipts, rejecting unsupported claims of duplicate entries, prior assessment and booking cancellations. As unaccounted real-estate receipts are business receipts, only their embedded profit is taxable; lacking a basis for a higher rate, the Tribunal reduced the estimated profit rate to 8 percent. No further telescoping was available because unaccounted expenditure had already been accepted as met from those receipts. Mere initiation of penalty proceedings was not appealable and the challenge was premature.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4886 
