Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
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Disallowance of raw material consumption - rejection of the books of account - The Appellate Tribunal finds that the AO's ad hoc disallowance without specific reasons for rejecting the books of accounts is unjustified. Mere deviation in the percentage of raw material consumption does not warrant such action. The Tribunal refers to precedent to support its decision, emphasizing that when books of accounts are regularly maintained and audited without adverse opinion, they should be considered correct unless proven otherwise by the revenue.
Disallowance of raw material consumption - rejection of the books of account - The Appellate Tribunal finds that the AO's ad hoc disallowance without specific reasons for rejecting the books of accounts is unjustified. Mere deviation in the percentage of raw material consumption does not warrant such action. The Tribunal refers to precedent to support its decision, emphasizing that when books of accounts are regularly maintained and audited without adverse opinion, they should be considered correct unless proven otherwise by the revenue.
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