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...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
Undisclosed receipts were added to gross profit by the AO, but the assessee claimed corresponding expenditure. CIT(A) deleted the addition, terming it double assessment. The department did not rebut that the addition was double assessment or deny the corresponding expenditure. ITAT held that the AO could not brush aside the assessee's claim of corresponding expenditure, which was duly considered by CIT(A). The department's grounds did not dispute the correctness of the expenditure items. The addition was rejected accordingly.
Undisclosed receipts were added to gross profit by the AO, but the assessee claimed corresponding expenditure. CIT(A) deleted the addition, terming it double assessment. The department did not rebut that the addition was double assessment or deny the corresponding expenditure. ITAT held that the AO could not brush aside the assessee's claim of corresponding expenditure, which was duly considered by CIT(A). The department's grounds did not dispute the correctness of the expenditure items. The addition was rejected accordingly.
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