Fraud classification show-cause notices founded on inconclusive forensic audit material cannot sustain action, permitting fresh proceedings on conclus...
Appellate enhancement limits protect against new income sources, while documented credits and prior-year investments resist unexplained-income additio...
Government securities held by a bank as stock-in-trade may be valued at cost or market value, whichever is lower. A consistently and regularly adopted valuation method cannot be displaced merely because the tax department prefers another method, supporting depreciation on such securities. Brokerage expenditure was allowable after the assessing authority accepted the claim on remand. Unclaimed bank balances do not constitute remission or cessation of a trading liability merely because customers have not claimed them; the bank's legal liability continues and the balances are not taxable on that basis. The departmental appeals were dismissed.
Government securities held by a bank as stock-in-trade may be valued at cost or market value, whichever is lower. A consistently and regularly adopted valuation method cannot be displaced merely because the tax department prefers another method, supporting depreciation on such securities. Brokerage expenditure was allowable after the assessing authority accepted the claim on remand. Unclaimed bank balances do not constitute remission or cessation of a trading liability merely because customers have not claimed them; the bank's legal liability continues and the balances are not taxable on that basis. The departmental appeals were dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4891 
