Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
The High Court addressed penalty u/s 43 of the Value Added Tax Act for unrecorded transactions. The Tribunal found Mobile Unit did not enter trader's premises for business activities, so no violation u/s 43(3) occurred. Assessee claimed family dispute led to keeping accounts at home, but provided no evidence. Counsel argued assessment order showed no VAT Act contravention, seeking penalty reduction to 20% from 40%. Court held evasion of tax without maintaining account books for goods entry in truck doesn't excuse penalty. As revisionist paid penalty under protest, no basis to reduce it. Court upheld Tribunal's decision, dismissing the revision.
The High Court addressed penalty u/s 43 of the Value Added Tax Act for unrecorded transactions. The Tribunal found Mobile Unit did not enter trader's premises for business activities, so no violation u/s 43(3) occurred. Assessee claimed family dispute led to keeping accounts at home, but provided no evidence. Counsel argued assessment order showed no VAT Act contravention, seeking penalty reduction to 20% from 40%. Court held evasion of tax without maintaining account books for goods entry in truck doesn't excuse penalty. As revisionist paid penalty under protest, no basis to reduce it. Court upheld Tribunal's decision, dismissing the revision.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
