Credit-note turnover adjustments preserve inverted-duty refunds, while ministerial re-computation does not constitute an impermissible appellate reman...
Revisional jurisdiction over export quota premium deductions requires both error and Revenue prejudice; a permissible assessment view cannot be displa...
Final benami adjudication bars contradictory tax-evasion prosecution where settlement findings confirm full disclosure and cooperation without conceal...
Excess business stock comprising regularly traded commodities, found at business premises and explained as arising from suppressed business profits, retains the character of undisclosed business income where no material establishes an extraneous source. Mere non-recording of purchases does not justify treating the stock as unexplained investment. The higher tax rate for deemed income applies only after valid invocation of the relevant deeming provision; consequently, the excess stock is taxable under normal provisions. Interest for delayed return filing remains mandatory but must be computed from the statutory due date, actual filing date and verified period of default, after credit for interest already charged or paid.
Excess business stock comprising regularly traded commodities, found at business premises and explained as arising from suppressed business profits, retains the character of undisclosed business income where no material establishes an extraneous source. Mere non-recording of purchases does not justify treating the stock as unexplained investment. The higher tax rate for deemed income applies only after valid invocation of the relevant deeming provision; consequently, the excess stock is taxable under normal provisions. Interest for delayed return filing remains mandatory but must be computed from the statutory due date, actual filing date and verified period of default, after credit for interest already charged or paid.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4891 
