Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Estimation of income - Excess stock found during the survey operation - The ITAT highlighted that only the profit element embedded in such purchases should be added to the income of the assessee. - Considering the absence of evidence regarding the fate of the unaccounted purchases in the assessee's financial statements, the Tribunal deemed it necessary to estimate the profit element for tax purposes. While the assessee suggested a profit rate of 2%, the Tribunal deemed a higher rate appropriate, settling at 5% for the sake of justice and fair play.
Estimation of income - Excess stock found during the survey operation - The ITAT highlighted that only the profit element embedded in such purchases should be added to the income of the assessee. - Considering the absence of evidence regarding the fate of the unaccounted purchases in the assessee's financial statements, the Tribunal deemed it necessary to estimate the profit element for tax purposes. While the assessee suggested a profit rate of 2%, the Tribunal deemed a higher rate appropriate, settling at 5% for the sake of justice and fair play.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
