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...
Suppressed turnover arising from unrecorded sales generated in a disclosed business is assessable only to the embedded profit, absent evidence of unexplained investment or an independent undisclosed activity. Because gross receipts recover both cost and profit, historical profitability provides an objective estimation basis; a moderately higher margin may apply to incremental out-of-books realisation. Profit was estimated at 2%, restricting the turnover addition to that amount; the evidentiary value of individual Excel sheets remained undecided. Cash-payment disallowance requires payment-wise, person-wise and day-wise verification against the prescribed limit, rather than yearly ledger aggregates. Claimed Rule 6DD exceptions require supporting-material verification, and the disallowance was remanded for that limited examination.
Suppressed turnover arising from unrecorded sales generated in a disclosed business is assessable only to the embedded profit, absent evidence of unexplained investment or an independent undisclosed activity. Because gross receipts recover both cost and profit, historical profitability provides an objective estimation basis; a moderately higher margin may apply to incremental out-of-books realisation. Profit was estimated at 2%, restricting the turnover addition to that amount; the evidentiary value of individual Excel sheets remained undecided. Cash-payment disallowance requires payment-wise, person-wise and day-wise verification against the prescribed limit, rather than yearly ledger aggregates. Claimed Rule 6DD exceptions require supporting-material verification, and the disallowance was remanded for that limited examination.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4884 
