Market value for captive electricity consumption follows industrial consumer tariffs, supporting profit computation for the power generation deduction...
Provisional release of seized imports requires enhanced duty payment, bank guarantee and disclosures while customs adjudication proceeds independently...
Rejection of the books of account of the assessee company u/s. 145(3) - Estimation of income - The ITAT found the rejection of books of accounts by the AO unjustified as there was no evidence of incorrectness or incompleteness. - The AO's reliance on media clippings and reports without concrete proof was deemed insufficient to reject the books. - On the issue of cash deposits during demonetization, the Tribunal noted that the Assessing Officer's presumption of antedating sales and earning super profits lacked substantiation and relied heavily on speculation. - The Tribunal rejected the AO's presumption of a 25% profit margin on sales and found no basis for the addition.
Rejection of the books of account of the assessee company u/s. 145(3) - Estimation of income - The ITAT found the rejection of books of accounts by the AO unjustified as there was no evidence of incorrectness or incompleteness. - The AO's reliance on media clippings and reports without concrete proof was deemed insufficient to reject the books. - On the issue of cash deposits during demonetization, the Tribunal noted that the Assessing Officer's presumption of antedating sales and earning super profits lacked substantiation and relied heavily on speculation. - The Tribunal rejected the AO's presumption of a 25% profit margin on sales and found no basis for the addition.
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