Personal liberty safeguards restrict arrest after court-directed GST appearance, requiring interim release where authorities overreach pending proceed...
Alternative statutory remedy and delay bar GST writ challenges despite pending rectification, while distinct subject matter permits parallel proceedin...
Unverified Insight Portal Information Cannot Justify Reassessment Without a Verified Taxpayer-Specific Income-Escape Nexus or Demonstrated Application...
Assessing Officer jurisdiction after statutory transfer invalidates reassessment notices issued by transferor officers and nullifies resulting proceed...
Consequential appeal-effect orders must implement rectification deleting working-capital adjustments and reconsider the resulting arm's-length range c...
Profit estimation on unaccounted turnover: AO estimated 8% profit based on seized material, which was reduced to 5% by CIT(A). ITAT held that in case of profit estimation u/s 145, Revenue must make an honest and fair estimate by applying the profit rate declared in preceding years. Considering the assessee's business of trading in Kirana items, ITAT opined that 4% profit amounting to Rs. 35,70,673 shall meet justice. Since Rs. 75 lakh was offered for taxation as business income, the additional profit needs to be telescoped with the offered income, and no separate addition is required. Unexplained expenditure: Assessee argued that once books were rejected and profits estimated on turnover, expenses for earning such profits should be considered, and any addition for expenses would amount to double addition. ITAT held that the expenditure on unrecorded cash coupons is treated as unexplained expenditure u/s 69C and taxed at 60% u/s 115BBE. However, the basic invocation of Section 69C based on estimates is uncalled for. CIT(A) appropriately decided, and ITAT upheld the order. 4% net profit on turnover: ITAT found that CIT(A) correctly considered the additional income of Rs. 75.
Profit estimation on unaccounted turnover: AO estimated 8% profit based on seized material, which was reduced to 5% by CIT(A). ITAT held that in case of profit estimation u/s 145, Revenue must make an honest and fair estimate by applying the profit rate declared in preceding years. Considering the assessee's business of trading in Kirana items, ITAT opined that 4% profit amounting to Rs. 35,70,673 shall meet justice. Since Rs. 75 lakh was offered for taxation as business income, the additional profit needs to be telescoped with the offered income, and no separate addition is required. Unexplained expenditure: Assessee argued that once books were rejected and profits estimated on turnover, expenses for earning such profits should be considered, and any addition for expenses would amount to double addition. ITAT held that the expenditure on unrecorded cash coupons is treated as unexplained expenditure u/s 69C and taxed at 60% u/s 115BBE. However, the basic invocation of Section 69C based on estimates is uncalled for. CIT(A) appropriately decided, and ITAT upheld the order. 4% net profit on turnover: ITAT found that CIT(A) correctly considered the additional income of Rs. 75.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4894 
