SEZ-unit profit deduction covers voluntary transfer-pricing adjustments, while exempt-income costs, foreign-exchange loss and ITeS comparables are exa...
Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
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Ad hoc disallowance of livestock purchases was unjustified where the assessing officer failed to identify missing documents or defects in the banking records, supplier confirmations and purchase details, and made no meaningful inquiry beyond issuing supplier notices. Computer-generated invoices lacking GST particulars did not establish bogus purchases because live bovine animals were GST-exempt and suppliers were not required to register. Thumb impressions on cash-purchase vouchers, without adverse material, likewise did not disprove genuineness. The disallowance treated as business income was deleted.
Ad hoc disallowance of livestock purchases was unjustified where the assessing officer failed to identify missing documents or defects in the banking records, supplier confirmations and purchase details, and made no meaningful inquiry beyond issuing supplier notices. Computer-generated invoices lacking GST particulars did not establish bogus purchases because live bovine animals were GST-exempt and suppliers were not required to register. Thumb impressions on cash-purchase vouchers, without adverse material, likewise did not disprove genuineness. The disallowance treated as business income was deleted.
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