Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
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The Appellate Tribunal addressed undisclosed sales and net profit determination. The CIT(A) limited the addition to the net profit element, with the Revenue arguing for a 12.5% rate instead of 8%. Incriminating material was found during a search at the director's residence, indicating off-the-books sales. The Tribunal ruled that a higher net profit rate must be justified based on business nature and facts, not arbitrarily. The Revenue failed to provide a reasonable basis for the 12.5% rate, and the High Court decision cited did not align with the assessee's activities. The Tribunal rejected the Revenue's argument, upholding the CIT(A)'s decision.
The Appellate Tribunal addressed undisclosed sales and net profit determination. The CIT(A) limited the addition to the net profit element, with the Revenue arguing for a 12.5% rate instead of 8%. Incriminating material was found during a search at the director's residence, indicating off-the-books sales. The Tribunal ruled that a higher net profit rate must be justified based on business nature and facts, not arbitrarily. The Revenue failed to provide a reasonable basis for the 12.5% rate, and the High Court decision cited did not align with the assessee's activities. The Tribunal rejected the Revenue's argument, upholding the CIT(A)'s decision.
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