Commodity derivatives position limits adopt revised breach penalties, broad commodity criteria, and client open-position limits based on deliverable s...
Effective hearing in GST adjudication requires actual opportunity to respond; ineffective service through a former auditor invalidated ex parte procee...
Unverified sundry creditors may be examined as unexplained credits; their classification alone does not preclude an addition. Business-expenditure disallowances cannot be substantially reduced without evidence substantiating the expenditure. Appellate relief deleting the creditor addition and reducing the expenditure disallowance was set aside because the assessee sought to produce evidence for the accounting entries and its tax-exemption claim. The additions and exemption claim were remitted to the Assessing Officer for fresh factual consideration on the evidence, without a decision on merits.
Unverified sundry creditors may be examined as unexplained credits; their classification alone does not preclude an addition. Business-expenditure disallowances cannot be substantially reduced without evidence substantiating the expenditure. Appellate relief deleting the creditor addition and reducing the expenditure disallowance was set aside because the assessee sought to produce evidence for the accounting entries and its tax-exemption claim. The additions and exemption claim were remitted to the Assessing Officer for fresh factual consideration on the evidence, without a decision on merits.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4888 
