Blocked input tax credit for resort construction remains unavailable; interest follows actual utilisation, while delayed payment attracts statutory pe...
Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
Genuineness of business expenditure - Audit of the Books of Accounts of the Limited Companies is mandatorily provided for in the Companies Act also and therefore, if the Audit Report and Audited Balance Sheet is available on the record, the expenditure in question can safely be presumed to have been verified by the Auditors as well. The Books of Accounts regularly maintained by the Assessee in the ordinary course of business have neither been rejected by the Assessing Authority in the present case nor have been otherwise disbelieved. Therefore, such Expenditure in the hands of the Assessee was required to be allowed by the Assessing Authority. - HC
Genuineness of business expenditure - Audit of the Books of Accounts of the Limited Companies is mandatorily provided for in the Companies Act also and therefore, if the Audit Report and Audited Balance Sheet is available on the record, the expenditure in question can safely be presumed to have been verified by the Auditors as well. The Books of Accounts regularly maintained by the Assessee in the ordinary course of business have neither been rejected by the Assessing Authority in the present case nor have been otherwise disbelieved. Therefore, such Expenditure in the hands of the Assessee was required to be allowed by the Assessing Authority. - HC
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