Independent show-cause notices remain separate proceedings, while customs adjudication challenges should ordinarily follow the statutory appellate rem...
Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
Interactive touchscreen panels with integrated computing functions fall under automatic data-processing machines rather than display monitors for cust...
Ex parte injunction service requirements were substantially met, while civil recovery and SFIO investigation into provident fund defalcation continued...
Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
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.
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