Unverified Insight Portal Information Cannot Justify Reassessment Without a Verified Taxpayer-Specific Income-Escape Nexus or Demonstrated Application...
Assessing Officer jurisdiction after statutory transfer invalidates reassessment notices issued by transferor officers and nullifies resulting proceed...
Consequential appeal-effect orders must implement rectification deleting working-capital adjustments and reconsider the resulting arm's-length range c...
Discounted cash flow valuation protects share premium where projections are reasonable, while audited book expenses defeat unexplained-expenditure add...
Section 54 construction relief survives pre-transfer commencement when completion occurs within the statutory period, excluding ineligible spouse-owne...
Contemporaneous invoices, GST returns, bank statements and ledger accounts can substantiate labour and manpower expenditure where payments pass through banking channels, tax is deducted at source, and transactions appear in GST records and audited accounts. A vendor's failure to respond to a notice, particularly after being struck off, does not by itself establish that expenditure is unexplained when the supporting evidence remains unrebutted and no further enquiry is undertaken. Purchases included in closing stock and returned in the following year do not affect income where no supplier payment or expenditure claim is made and related GST input is reversed. On these facts, both additions for unexplained expenditure were deleted.
Contemporaneous invoices, GST returns, bank statements and ledger accounts can substantiate labour and manpower expenditure where payments pass through banking channels, tax is deducted at source, and transactions appear in GST records and audited accounts. A vendor's failure to respond to a notice, particularly after being struck off, does not by itself establish that expenditure is unexplained when the supporting evidence remains unrebutted and no further enquiry is undertaken. Purchases included in closing stock and returned in the following year do not affect income where no supplier payment or expenditure claim is made and related GST input is reversed. On these facts, both additions for unexplained expenditure were deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4886 
