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...
The ITAT considered whether an assessing officer can refer to a registered valuer u/s 55A based on physical appearance during search/survey without rejecting books of account. Sections 16A of Wealth-tax Act and 142A empower AO to refer to Valuation Officer for asset valuation. Valuation Officer must consider evidence provided by taxpayer and make judgment. AO can use Valuation Officer's report in assessment. Addition based solely on private valuer's report without incriminating material was challenged. CIT(A) cited precedent that addition cannot be made solely on valuation report without corroborative evidence. Revenue's argument dismissed, challenging addition.
The ITAT considered whether an assessing officer can refer to a registered valuer u/s 55A based on physical appearance during search/survey without rejecting books of account. Sections 16A of Wealth-tax Act and 142A empower AO to refer to Valuation Officer for asset valuation. Valuation Officer must consider evidence provided by taxpayer and make judgment. AO can use Valuation Officer's report in assessment. Addition based solely on private valuer's report without incriminating material was challenged. CIT(A) cited precedent that addition cannot be made solely on valuation report without corroborative evidence. Revenue's argument dismissed, challenging addition.
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