Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Estimation of income - Bogus purchases - Reliance on retracted statement - The ITAT, after reviewing the case, noted discrepancies in the reliance on these statements for making disallowances. They observed that subsequent affidavits retracted these statements, diminishing their evidentiary value. Additionally, documentary evidence such as invoices and bank statements corroborated the assessee's claims of genuine purchases. For several assessment years, the tribunal decided to delete the disallowances concerning bogus purchases, arguing that the AO's assessments were based on inadequate grounds and, in some cases, relied excessively on ad-hoc estimates.
Estimation of income - Bogus purchases - Reliance on retracted statement - The ITAT, after reviewing the case, noted discrepancies in the reliance on these statements for making disallowances. They observed that subsequent affidavits retracted these statements, diminishing their evidentiary value. Additionally, documentary evidence such as invoices and bank statements corroborated the assessee's claims of genuine purchases. For several assessment years, the tribunal decided to delete the disallowances concerning bogus purchases, arguing that the AO's assessments were based on inadequate grounds and, in some cases, relied excessively on ad-hoc estimates.
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