Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
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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