Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Trade and quantity discounts received by a milk resale agent constituted an explained source of income where bank statements showed that sale proceeds were deposited into a joint account with the dairy and withdrawn by the dairy on the same day. Treating those discounts as unexplained money was therefore unwarranted. Profit estimation at 70% of the total discounts, with only 30% allowed for storage and distribution expenses, lacked a proper basis. The addition relating to the discounts was deleted.
Trade and quantity discounts received by a milk resale agent constituted an explained source of income where bank statements showed that sale proceeds were deposited into a joint account with the dairy and withdrawn by the dairy on the same day. Treating those discounts as unexplained money was therefore unwarranted. Profit estimation at 70% of the total discounts, with only 30% allowed for storage and distribution expenses, lacked a proper basis. The addition relating to the discounts was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4886 
