Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
The Appellate Tribunal held that penalty u/s 271(1)(c) on estimated additions due to bogus purchases from hawala dealers was unjustified as the assessee failed to provide detailed information requested by the AO. The AO estimated the income at 9%, later reduced to 5% by CIT (A). The Tribunal cited similar cases where penalties were not upheld for estimated income additions. The Tribunal rejected the argument that low tax effect appeals by Revenue were invalid, stating that appeals on issues of addition and penalties based on specified information are permissible. The decision favored the assessee.
The Appellate Tribunal held that penalty u/s 271(1)(c) on estimated additions due to bogus purchases from hawala dealers was unjustified as the assessee failed to provide detailed information requested by the AO. The AO estimated the income at 9%, later reduced to 5% by CIT (A). The Tribunal cited similar cases where penalties were not upheld for estimated income additions. The Tribunal rejected the argument that low tax effect appeals by Revenue were invalid, stating that appeals on issues of addition and penalties based on specified information are permissible. The decision favored the assessee.
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