Preliminary-expense amortisation and MAT exempt-income adjustments prevailed, while trademark costs and managerial remuneration require fresh verifica...
Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Bogus purchases - Burden of proof - The Tribunal found that the assessee had adequately demonstrated the genuineness of purchases through detailed documentation and accounting records. The purchases were correlated with corresponding sales, further validating their authenticity. - The Tribunal noted the absence of an opportunity for cross-examination regarding the supplier's statement, emphasizing the importance of procedural fairness. Without proper validation, the statement lacked evidentiary weight. - The absence of incriminating evidence during the search further bolstered the assessee's case. - Ultimately, the ITAT dismissed the Revenue's appeal.
Bogus purchases - Burden of proof - The Tribunal found that the assessee had adequately demonstrated the genuineness of purchases through detailed documentation and accounting records. The purchases were correlated with corresponding sales, further validating their authenticity. - The Tribunal noted the absence of an opportunity for cross-examination regarding the supplier's statement, emphasizing the importance of procedural fairness. Without proper validation, the statement lacked evidentiary weight. - The absence of incriminating evidence during the search further bolstered the assessee's case. - Ultimately, the ITAT dismissed the Revenue's appeal.
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