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October 21, 2026   Case Laws GST
Road-restoration charges form taxable consideration when restoration is requested for a business pipeline project under reverse charge.
October 21, 2026   Case Laws Income Tax
Refund adjustment against disputed penalty demands remains limited during first appeal, requiring reversal of excess recovery.
October 21, 2026   Case Laws Income Tax
Revisional limitation: an unrelated reassessment cannot extend time to revise an unexamined book-profit adjustment thereafter.
October 21, 2026   Case Laws Income Tax
Functional comparability under TNMM excludes software product and intangible-owning companies from software development service provider benchmarking.
October 21, 2026   Case Laws Income Tax
Recovery pending first appeal is capped at the CBDT stay threshold; excess refund adjustment requires repayment.
October 21, 2026   Case Laws Income Tax
Year-specific reassessment information cannot justify reopening when the underlying land-sale transaction belongs to the succeeding assessment year.
October 21, 2026   Case Laws Income Tax
Income Declaration Scheme eligibility may depend on verifying timely cheque tender and subsequent departmental credit under the applicable circular.
October 21, 2026   Case Laws Income Tax
Sufficient Cause for Delay Requires a Pleaded Explanation; Unexplained Inaction Leaves Revenue Appeal Time-Barred Under Limitation Law
October 21, 2026   Case Laws Income Tax
Angadia cash-transit receipts are taxable only to the extent of embedded commission, rather than as unexplained principal funds.
October 21, 2026   Case Laws Income Tax
Reassessment on Borrowed Satisfaction Fails When Recorded Share Transactions Were Already Examined and Accepted in Scrutiny
October 21, 2026   Case Laws Income Tax
Leasehold land rights under Section 56(2)(x): purchase excluded from income-tax additions on the facts presented.
October 21, 2026   Case Laws Income Tax
Revision jurisdiction cannot create a fresh foundation for independent cash-transaction penalty proceedings after a completed assessment.
October 21, 2026   Case Laws Income Tax
Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier assessment years.
October 21, 2026   Case Laws Income Tax
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available.
October 21, 2026   Case Laws Income Tax
Final assessment limitation follows DRP-specific timelines when the draft order is timely, despite expiry of general assessment limits.
October 21, 2026   Case Laws Income Tax
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unestablished.
October 21, 2026   Case Laws Income Tax
Accommodation-entry loan additions require evidence beyond generic third-party allegations, while interest disallowance needs proof of actual incurrence.
October 21, 2026   Case Laws Income Tax
Comparable uncontrolled price method requires actual uncontrolled transactions, resulting in deletion of unsupported related-party loan interest adjustment.
October 21, 2026   Case Laws Income Tax
Limitation for section 271D penalties requires a timely order, making orders beyond the statutory period invalid.
October 21, 2026   Case Laws Income Tax
Service of reassessment notice remains a jurisdictional precondition; participation after inquiry notice cannot cure non-service.

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Home › Highlights › Income Tax › 2024 › July, 2024 › This
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Income Tax

Valuation by DVO - addition based on estimated cost disregarding...

Dispute Over Tax Valuation of Work-in-Progress: Court Rules Against Estimated Costs, Upholds Proper Accounting Procedures.

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Income Tax July 8, 2024 Case Laws AT
Valuation by DVO - addition based on estimated cost disregarding actual cost as per books - applicability of section 142A before amendment - non-rejection of books - AO alleged WIP suppressed and engineer's certificate unreliable - referred to DVO for valuation - held that AO must first express dissatisfaction with books before referring valuation - rejection of books requires specific reasons and evidence of discrepancies - addition based on estimated value without contradicting actual cost is unjustified - estimation exercise based on average gross profit rate is improper without rejecting books - AO must adhere to section 145(3) before assessment u/s 144 - valuer clarified not withdrawing certificate, not considered by AO/CIT(A) - addition based on estimated cost without discrediting actual cost is not justifiable - assessee's appeal allowed.
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