Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Addition being 10 percent out of various expenses - books of assessee are duly audited under section 44AB of the Act - The Appellate Tribunal upheld the arguments presented by the assessee. They noted that the books of account were audited under section 44AB of the Income Tax Act and were not rejected by the AO. Therefore, the adhoc disallowance based on presumptions was deemed unsustainable, citing the precedent set by the Supreme Court. - The Tribunal emphasized that the AO's failure to reject the books of account further weakened the basis for the adhoc disallowance.
Addition being 10 percent out of various expenses - books of assessee are duly audited under section 44AB of the Act - The Appellate Tribunal upheld the arguments presented by the assessee. They noted that the books of account were audited under section 44AB of the Income Tax Act and were not rejected by the AO. Therefore, the adhoc disallowance based on presumptions was deemed unsustainable, citing the precedent set by the Supreme Court. - The Tribunal emphasized that the AO's failure to reject the books of account further weakened the basis for the adhoc disallowance.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
